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Net Income Per Share
 12 Months Ended
Dec. 31, 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. See Note 1 for additional information related to net income per share.

 Fiscal Year
(in thousands, except per share data)202420232022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income$633,125 $408,375 $430,158 
Less dividends:
Common Stock165,541 41,844 8,062 
Class B Common Stock20,094 5,024 1,312 
Total undistributed earnings$447,490 $361,507 $420,784 
Common Stock undistributed earnings – basic$397,741 $322,749 $364,359 
Class B Common Stock undistributed earnings – basic49,749 38,758 56,425 
Total undistributed earnings – basic$447,490 $361,507 $420,784 
Common Stock undistributed earnings – diluted$397,170 $322,131 $363,158 
Class B Common Stock undistributed earnings – diluted50,320 39,376 57,626 
Total undistributed earnings – diluted$447,490 $361,507 $420,784 
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$165,541 $41,844 $8,062 
Common Stock undistributed earnings – basic397,741 322,749 364,359 
Numerator for basic net income per Common Stock share$563,282 $364,593 $372,421 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$20,094 $5,024 $1,312 
Class B Common Stock undistributed earnings – basic49,749 38,758 56,425 
Numerator for basic net income per Class B Common Stock share$69,843 $43,782 $57,737 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$165,541 $41,844 $8,062 
Dividends on Class B Common Stock assumed converted to Common Stock20,094 5,024 1,312 
Common Stock undistributed earnings – diluted447,490 361,507 420,784 
Numerator for diluted net income per Common Stock share$633,125 $408,375 $430,158 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$20,094 $5,024 $1,312 
Class B Common Stock undistributed earnings – diluted50,320 39,376 57,626 
Numerator for diluted net income per Class B Common Stock share$70,414 $44,400 $58,938 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic8,035 8,369 8,117 
Class B Common Stock weighted average shares outstanding – basic1,005 1,005 1,257 
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)9,053 9,392 9,405 
Class B Common Stock weighted average shares outstanding – diluted1,018 1,023 1,288 
 Fiscal Year
(in thousands, except per share data)202420232022
Basic net income per share:
Common Stock$70.10 $43.56 $45.88 
Class B Common Stock$69.50 $43.56 $45.93 
Diluted net income per share:
Common Stock$69.94 $43.48 $45.74 
Class B Common Stock$69.17 $43.40 $45.76 

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 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 Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of 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 share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of Common Stock. The share repurchase authorization is discretionary and has no expiration date. As of December 31, 2024, the Company had repurchased 42,895 shares of Common Stock under the share repurchase program.