Net Income Per Share

6 Months Ended

Jun. 28, 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:


	Second Quarter				First Half
(in thousands, except per share data)	2024		2023		2024		2023
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	172,812	$	122,319	$	338,553	$	240,446
Less dividends:
Common Stock	4,185		4,185		142,273		33,476
Class B Common Stock	502		502		17,080		4,019
Total undistributed earnings	$	168,125	$	117,632	$	179,200	$	202,951

Common Stock undistributed earnings – basic	$	149,970	$	105,021	$	159,918	$	181,192
Class B Common Stock undistributed earnings – basic	18,155		12,611		19,282		21,759
Total undistributed earnings – basic	$	168,125	$	117,632	$	179,200	$	202,951

Common Stock undistributed earnings – diluted	$	149,745	$	104,775	$	159,678	$	180,768
Class B Common Stock undistributed earnings – diluted	18,380		12,857		19,522		22,183
Total undistributed earnings – diluted	$	168,125	$	117,632	$	179,200	$	202,951


	Second Quarter				First Half
(in thousands, except per share data)	2024		2023		2024		2023
Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	4,185	$	4,185	$	142,273	$	33,476
Common Stock undistributed earnings – basic	149,970		105,021		159,918		181,192
Numerator for basic net income per Common Stock share	$	154,155	$	109,206	$	302,191	$	214,668

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	502	$	502	$	17,080	$	4,019
Class B Common Stock undistributed earnings – basic	18,155		12,611		19,282		21,759
Numerator for basic net income per Class B Common Stock share	$	18,657	$	13,113	$	36,362	$	25,778

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	4,185	$	4,185	$	142,273	$	33,476
Dividends on Class B Common Stock assumed converted to Common Stock	502		502		17,080		4,019
Common Stock undistributed earnings – diluted	168,125		117,632		179,200		202,951
Numerator for diluted net income per Common Stock share	$	172,812	$	122,319	$	338,553	$	240,446

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	502	$	502	$	17,080	$	4,019
Class B Common Stock undistributed earnings – diluted	18,380		12,857		19,522		22,183
Numerator for diluted net income per Class B Common Stock share	$	18,882	$	13,359	$	36,602	$	26,202

Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,302		8,369		8,335		8,369
Class B Common Stock weighted average shares outstanding – basic	1,005		1,005		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)	9,321		9,396		9,354		9,396
Class B Common Stock weighted average shares outstanding – diluted	1,019		1,027		1,019		1,027

Basic net income per share:
Common Stock	$	18.57	$	13.05	$	36.26	$	25.65
Class B Common Stock	$	18.56	$	13.05	$	36.18	$	25.65

Diluted net income per share:
Common Stock	$	18.54	$	13.02	$	36.19	$	25.59
Class B Common Stock	$	18.53	$	13.01	$	35.92	$	25.51

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.

(6)The Company repurchased 14,391.5 shares of its Common Stock in the Tender Offer, which expired on June 18, 2024, and was obligated to repurchase 598,619 shares of its Common Stock pursuant to the Purchase Agreement. See Note 2 for additional information on the Tender Offer and the Purchase Agreement.