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Net Income Per Share
 9 Months Ended
Sep. 27, 2024
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)2024202320242023
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income$115,624 $92,093 $454,177 $332,539 
Less dividends:
Common Stock3,878 4,184 146,151 37,660 
Class B Common Stock502 503 17,582 4,522 
Total undistributed earnings$111,244 $87,406 $290,444 $290,357 
Common Stock undistributed earnings – basic$98,483 $78,035 $258,529 $259,227 
Class B Common Stock undistributed earnings – basic12,761 9,371 31,915 31,130 
Total undistributed earnings – basic$111,244 $87,406 $290,444 $290,357 
Common Stock undistributed earnings – diluted$98,359 $77,861 $258,190 $258,565 
Class B Common Stock undistributed earnings – diluted12,885 9,545 32,254 31,792 
Total undistributed earnings – diluted$111,244 $87,406 $290,444 $290,357 
Third QuarterFirst Nine Months
(in thousands, except per share data)2024202320242023
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$3,878 $4,184 $146,151 $37,660 
Common Stock undistributed earnings – basic98,483 78,035 258,529 259,227 
Numerator for basic net income per Common Stock share$102,361 $82,219 $404,680 $296,887 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$502 $503 $17,582 $4,522 
Class B Common Stock undistributed earnings – basic12,761 9,371 31,915 31,130 
Numerator for basic net income per Class B Common Stock share$13,263 $9,874 $49,497 $35,652 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$3,878 $4,184 $146,151 $37,660 
Dividends on Class B Common Stock assumed converted to Common Stock502 503 17,582 4,522 
Common Stock undistributed earnings – diluted111,244 87,406 290,444 290,357 
Numerator for diluted net income per Common Stock share$115,624 $92,093 $454,177 $332,539 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$502 $503 $17,582 $4,522 
Class B Common Stock undistributed earnings – diluted12,885 9,545 32,254 31,792 
Numerator for diluted net income per Class B Common Stock share$13,387 $10,048 $49,836 $36,314 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic7,756 8,369 8,141 8,369 
Class B Common Stock weighted average shares outstanding – basic1,005 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)8,772 9,395 9,158 9,398 
Class B Common Stock weighted average shares outstanding – diluted1,016 1,026 1,017 1,029 
Basic net income per share:
Common Stock$13.20 $9.82 $49.71 $35.47 
Class B Common Stock$13.20 $9.82 $49.25 $35.47 
Diluted net income per share:
Common Stock$13.18 $9.80 $49.59 $35.38 
Class B Common Stock$13.18 $9.79 $49.00 $35.29 

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 repurchased 598,619 shares of its Common Stock pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI. See Note 2 for additional information on the Tender Offer and the Purchase Agreement.
(7)On August 20, 2024, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of the Company’s Common Stock. The new share repurchase authorization is discretionary and has no expiration date. As of September 27, 2024, the Company had not repurchased any shares of Common Stock under the new share repurchase program.