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Net Income Per Share
 9 Months Ended
Sep. 29, 2023
Earnings Per Share [Abstract]  
Net Income Per Share 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:

Third QuarterFirst Nine Months
(in thousands, except per share data)2023202220232022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income$92,093 $118,761 $332,539 $311,713 
Less dividends:
Common Stock4,184 2,092 37,660 5,970 
Class B Common Stock503 251 4,522 1,060 
Total undistributed earnings$87,406 $116,418 $290,357 $304,683 
Common Stock undistributed earnings – basic$78,035 $103,937 $259,227 $261,064 
Class B Common Stock undistributed earnings – basic9,371 12,481 31,130 43,619 
Total undistributed earnings – basic$87,406 $116,418 $290,357 $304,683 
Common Stock undistributed earnings – diluted$77,861 $103,583 $258,565 $260,065 
Class B Common Stock undistributed earnings – diluted9,545 12,835 31,792 44,618 
Total undistributed earnings – diluted$87,406 $116,418 $290,357 $304,683 
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$4,184 $2,092 $37,660 $5,970 
Common Stock undistributed earnings – basic78,035 103,937 259,227 261,064 
Numerator for basic net income per Common Stock share$82,219 $106,029 $296,887 $267,034 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$503 $251 $4,522 $1,060 
Class B Common Stock undistributed earnings – basic9,371 12,481 31,130 43,619 
Numerator for basic net income per Class B Common Stock share$9,874 $12,732 $35,652 $44,679 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$4,184 $2,092 $37,660 $5,970 
Dividends on Class B Common Stock assumed converted to Common Stock503 251 4,522 1,060 
Common Stock undistributed earnings – diluted87,406 116,418 290,357 304,683 
Numerator for diluted net income per Common Stock share$92,093 $118,761 $332,539 $311,713 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$503 $251 $4,522 $1,060 
Class B Common Stock undistributed earnings – diluted9,545 12,835 31,792 44,618 
Numerator for diluted net income per Class B Common Stock share$10,048 $13,086 $36,314 $45,678 
Third QuarterFirst Nine Months
(in thousands, except per share data)2023202220232022
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic8,369 8,369 8,369 8,032 
Class B Common Stock weighted average shares outstanding – basic1,005 1,005 1,005 1,342 
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)9,395 9,406 9,398 9,410 
Class B Common Stock weighted average shares outstanding – diluted1,026 1,037 1,029 1,378 
Basic net income per share:
Common Stock$9.82 $12.67 $35.47 $33.25 
Class B Common Stock$9.82 $12.67 $35.47 $33.29 
Diluted net income per share:
Common Stock$9.80 $12.63 $35.38 $33.13 
Class B Common Stock$9.79 $12.62 $35.29 $33.15 

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.