Net Income Per Share

6 Months Ended

Jul. 01, 2022

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)	2022		2021		2022		2021
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	99,562	$	48,180	$	192,952	$	101,543
Less dividends:
Common Stock	2,092		1,786		3,878		3,571
Class B Common Stock	251		558		809		1,116
Total undistributed earnings	$	97,219	$	45,836	$	188,265	$	96,856

Common Stock undistributed earnings – basic	$	86,796	$	34,921	$	157,918	$	73,792
Class B Common Stock undistributed earnings – basic	10,423		10,915		30,347		23,064
Total undistributed earnings – basic	$	97,219	$	45,836	$	188,265	$	96,856

Common Stock undistributed earnings – diluted	$	86,565	$	34,795	$	157,498	$	73,525
Class B Common Stock undistributed earnings – diluted	10,654		11,041		30,767		23,331
Total undistributed earnings – diluted	$	97,219	$	45,836	$	188,265	$	96,856

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	2,092	$	1,786	$	3,878	$	3,571
Common Stock undistributed earnings – basic	86,796		34,921		157,918		73,792
Numerator for basic net income per Common Stock share	$	88,888	$	36,707	$	161,796	$	77,363

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	251	$	558	$	809	$	1,116
Class B Common Stock undistributed earnings – basic	10,423		10,915		30,347		23,064
Numerator for basic net income per Class B Common Stock share	$	10,674	$	11,473	$	31,156	$	24,180


	Second Quarter				First Half
(in thousands, except per share data)	2022		2021		2022		2021
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	2,092	$	1,786	$	3,878	$	3,571
Dividends on Class B Common Stock assumed converted to Common Stock	251		558		809		1,116
Common Stock undistributed earnings – diluted	97,219		45,836		188,265		96,856
Numerator for diluted net income per Common Stock share	$	99,562	$	48,180	$	192,952	$	101,543

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	251	$	558	$	809	$	1,116
Class B Common Stock undistributed earnings – diluted	10,654		11,041		30,767		23,331
Numerator for diluted net income per Class B Common Stock share	$	10,905	$	11,599	$	31,576	$	24,447

Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,369		7,141		7,863		7,141
Class B Common Stock weighted average shares outstanding – basic	1,005		2,232		1,511		2,232

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)	9,399		9,407		9,399		9,407
Class B Common Stock weighted average shares outstanding – diluted	1,030		2,266		1,536		2,266

Basic net income per share:
Common Stock	$	10.62	$	5.14	$	20.58	$	10.83
Class B Common Stock	$	10.62	$	5.14	$	20.62	$	10.83

Diluted net income per share:
Common Stock	$	10.59	$	5.12	$	20.53	$	10.79
Class B Common Stock	$	10.59	$	5.12	$	20.56	$	10.79

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 includes 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 shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been 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 in the computation of diluted net income per share.

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

(6)1,227,546 shares of the Company’s Class B Common Stock were converted on a one share for one share basis into shares of the Company’s Common Stock, effective as of March 17, 2022. See Note 2 for additional information on the Stockholder Conversion Agreement.