Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Computation of Basic Net Loss Per Share and Diluted Net Loss 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. See Note 1 for additional information related to net income per share.


	Fiscal Year
(in thousands, except per share data)	2022		2021		2020
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca-Cola Consolidated, Inc.	$	430,158	$	189,580	$	172,493
Less dividends:
Common Stock	8,062		7,141		7,141
Class B Common Stock	1,312		2,233		2,233
Total undistributed earnings	$	420,784	$	180,206	$	163,119

Common Stock undistributed earnings – basic	$	364,359	$	137,293	$	124,275
Class B Common Stock undistributed earnings – basic	56,425		42,913		38,844
Total undistributed earnings – basic	$	420,784	$	180,206	$	163,119

Common Stock undistributed earnings – diluted	$	363,158	$	136,899	$	123,563
Class B Common Stock undistributed earnings – diluted	57,626		43,307		39,556
Total undistributed earnings – diluted	$	420,784	$	180,206	$	163,119

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	8,062	$	7,141	$	7,141
Common Stock undistributed earnings – basic	364,359		137,293		124,275
Numerator for basic net income per Common Stock share	$	372,421	$	144,434	$	131,416

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	1,312	$	2,233	$	2,233
Class B Common Stock undistributed earnings – basic	56,425		42,913		38,844
Numerator for basic net income per Class B Common Stock share	$	57,737	$	45,146	$	41,077

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	8,062	$	7,141	$	7,141
Dividends on Class B Common Stock assumed converted to Common Stock	1,312		2,233		2,233
Common Stock undistributed earnings – diluted	420,784		180,206		163,119
Numerator for diluted net income per Common Stock share	$	430,158	$	189,580	$	172,493

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	1,312	$	2,233	$	2,233
Class B Common Stock undistributed earnings – diluted	57,626		43,307		39,556
Numerator for diluted net income per Class B Common Stock share	$	58,938	$	45,540	$	41,789


	Fiscal Year
(in thousands, except per share data)	2022		2021		2020
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,117		7,141		7,141
Class B Common Stock weighted average shares outstanding – basic	1,257		2,232		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)	9,405		9,400		9,427
Class B Common Stock weighted average shares outstanding – diluted	1,288		2,259		2,286

Basic net income per share:
Common Stock	$	45.88	$	20.23	$	18.40
Class B Common Stock	$	45.93	$	20.23	$	18.40

Diluted net income per share:
Common Stock	$	45.74	$	20.17	$	18.30
Class B Common Stock	$	45.76	$	20.16	$	18.28

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 performance units 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.