Income Attributable to USPB Per Unit

9 Months Ended

Sep. 28, 2013

Earnings Per Unit [Abstract]

Income (Loss) Attributable to USPB Per Unit

(3) Income Attributable to USPB Per Unit

Under the LLC structure, earnings of the Company are to be distributed to unitholders based on their proportionate share of underlying equity, and, as a result, income attributable to USPB per unit (EPU) has been presented in the accompanying Statements of Operations and in the table that follows.

Basic EPU excludes dilution and is computed by first allocating a portion of net income attributable to USPB to Class A units and the remainder is allocated to Class B units.  For the thirteen week and thirty-nine week periods ended September 28, 2013 and September 29, 2012, income was allocated 10% to the Class A’s and 90% to the Class B’s.  Income allocated to the Class A and Class B units is then divided by the weighted-average number of Class A and Class B units outstanding for the period to determine the basic EPU for each respective class of unit. 

Diluted EPU reflects the potential dilution that could occur if potential Class A unit purchase rights were exercised or contractual appreciation rights were converted into units.   Upon termination of the former CEO’s, Steven Hunt, employment agreement and until eighteen months after the termination of the employment agreement, at the election of Mr. Hunt, or upon mutual agreement of the Board of the Company and Mr. Hunt, Mr. Hunt may purchase up to 20,000 Class A units, or upon agreement of Mr. Hunt and the Board of the Company, Mr. Hunt may convert the contractual unit appreciation rights to up to 20,000 Class A units.  The diluted EPU reflects the circumstances of termination of Mr. Hunt’s employment agreement, and the election of Mr. Hunt or agreement by the Board of the Company and Mr. Hunt for him to purchase or convert contractual rights to the maximum 20,000 Class A units at $55 per unit for the periods as provided in his employment agreement.

Income Per Unit Calculation
	13 weeks  ended		13 weeks  ended		39 weeks  ended		39 weeks  ended
(thousands of dollars, except unit and per unit data)	September  28, 2013		September  29, 2012		September  28, 2013		September  29, 2012
Basic income per unit
Income attributable to USPB available to
unitholders (numerator)
Class A	$	653	$	516	$	540	$	592
Class B	$	5,879	$	4,641	$	4,863	$	5,335
Weighted average outstanding units (denominator)
Class A		735,385		735,385		735,385		735,385
Class B		755,385		755,385		755,385		755,385
Per unit amount
Class A	$	0.89	$	0.70	$	0.73	$	0.81
Class B	$	7.78	$	6.14	$	6.44	$	7.06
Diluted income per unit:
Income attributable to USPB available to
unitholders (numerator)
Class A	$	653	$	516	$	540	$	592
Class B	$	5,879	$	4,641	$	4,863	$	5,335
Weighted average outstanding Class A units		735,385		735,385		735,385		735,385
Effect of dilutive securities - Class A unit options		9,067		12,261		8,807		12,610
Units (denominator)		744,452		747,646		744,192		747,995
Weighted average outstanding Class B units		755,385		755,385		755,385		755,385
Effect of dilutive securities - Class B unit options		-		-		-		-
Units (denominator)		755,385		755,385		755,385		755,385
Per unit amount
Class A	$	0.88	$	0.69	$	0.73	$	0.79
Class B	$	7.78	$	6.14	$	6.44	$	7.06