Net Income Per Share (Tables)

6 Months Ended

Jun. 28, 2020

Earnings Per Share [Abstract]

Computation of Basic Net Income Per Share and Diluted Net Income Per Share

The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:

	Second Quarter				First Half
(in thousands, except per share data)	2020		2019		2020		2019
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca-Cola Consolidated, Inc.	$	39,569	$	15,370	$	54,231	$	8,539
Less dividends:
Common Stock	1,785		1,785		3,571		3,570
Class B Common Stock	557		558		1,115		1,112
Total undistributed earnings	$	37,227	$	13,027	$	49,545	$	3,857
Common Stock undistributed earnings – basic	$	28,362	$	9,925	$	37,747	$	2,941
Class B Common Stock undistributed earnings – basic	8,865		3,102		11,798		916
Total undistributed earnings – basic	$	37,227	$	13,027	$	49,545	$	3,857
Common Stock undistributed earnings – diluted	$	28,161	$	9,874	$	37,479	$	2,925
Class B Common Stock undistributed earnings – diluted	9,066		3,153		12,066		932
Total undistributed earnings – diluted	$	37,227	$	13,027	$	49,545	$	3,857
Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,785	$	3,571	$	3,570
Common Stock undistributed earnings – basic	28,362		9,925		37,747		2,941
Numerator for basic net income per Common Stock share	$	30,147	$	11,710	$	41,318	$	6,511
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	557	$	558	$	1,115	$	1,112
Class B Common Stock undistributed earnings – basic	8,865		3,102		11,798		916
Numerator for basic net income per Class B Common Stock share	$	9,422	$	3,660	$	12,913	$	2,028
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,785	$	3,571	$	3,570
Dividends on Class B Common Stock assumed converted to Common Stock	557		558		1,115		1,112
Common Stock undistributed earnings – diluted	37,227		13,027		49,545		3,857
Numerator for diluted net income per Common Stock share	$	39,569	$	15,370	$	54,231	$	8,539

	Second Quarter				First Half
(in thousands, except per share data)	2020		2019		2020		2019
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	557	$	558	$	1,115	$	1,112
Class B Common Stock undistributed earnings – diluted	9,066		3,153		12,066		932
Numerator for diluted net income per Class B Common Stock share	$	9,623	$	3,711	$	13,181	$	2,044
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	7,141		7,141		7,141		7,141
Class B Common Stock weighted average shares outstanding – basic	2,232		2,232		2,232		2,225
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)	9,440		9,421		9,440		9,415
Class B Common Stock weighted average shares outstanding – diluted	2,299		2,280		2,299		2,274
Basic net income per share:
Common Stock	$	4.23	$	1.64	$	5.79	$	0.91
Class B Common Stock	$	4.23	$	1.64	$	5.79	$	0.91
Diluted net income per share:
Common Stock	$	4.19	$	1.64	$	5.74	$	0.91
Class B Common Stock	$	4.18	$	1.63	$	5.73	$	0.90

NOTES TO TABLE

⁽¹⁾For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.

⁽²⁾For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.

⁽³⁾For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock included the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance units granted pursuant to the Long-Term Performance Equity Plan are excluded from the calculation of diluted net loss per share, as the effect of these awards would be anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.

⁽⁴⁾The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award is prospectively removed from the denominator for the calculation of diluted net income per share.

⁽⁵⁾The Company did not have anti-dilutive shares for any periods presented.