Net Income Per Share

3 Months Ended

Mar. 29, 2024

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


	First Quarter
(in thousands, except per share data)	2024		2023
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	165,741	$	118,127
Less dividends:
Common Stock	138,088		29,291
Class B Common Stock	16,578		3,517
Total undistributed earnings	$	11,075	$	85,319

Common Stock undistributed earnings – basic	$	9,888	$	76,172
Class B Common Stock undistributed earnings – basic	1,187		9,147
Total undistributed earnings – basic	$	11,075	$	85,319

Common Stock undistributed earnings – diluted	$	9,874	$	76,002
Class B Common Stock undistributed earnings – diluted	1,201		9,317
Total undistributed earnings – diluted	$	11,075	$	85,319

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	138,088	$	29,291
Common Stock undistributed earnings – basic	9,888		76,172
Numerator for basic net income per Common Stock share	$	147,976	$	105,463

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	16,578	$	3,517
Class B Common Stock undistributed earnings – basic	1,187		9,147
Numerator for basic net income per Class B Common Stock share	$	17,765	$	12,664

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	138,088	$	29,291
Dividends on Class B Common Stock assumed converted to Common Stock	16,578		3,517
Common Stock undistributed earnings – diluted	11,075		85,319
Numerator for diluted net income per Common Stock share	$	165,741	$	118,127

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	16,578	$	3,517
Class B Common Stock undistributed earnings – diluted	1,201		9,317
Numerator for diluted net income per Class B Common Stock share	$	17,779	$	12,834


	First Quarter
(in thousands, except per share data)	2024		2023
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,369		8,369
Class B Common Stock weighted average shares outstanding – basic	1,005		1,005

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)	9,387		9,395
Class B Common Stock weighted average shares outstanding – diluted	1,018		1,026

Basic net income per share:
Common Stock	$	17.68	$	12.60
Class B Common Stock	$	17.68	$	12.60

Diluted net income per share:
Common Stock	$	17.66	$	12.57
Class B Common Stock	$	17.46	$	12.51

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 unvested performance shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance 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 unvested performance 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 unvested performance shares for any periods presented.