18. 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:

	Second Quarter				First Half
In Thousands (Except Per Share Data)	2015		2014		2015		2014
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:

Net income attributable to Coca-Cola Bottling Co. Consolidated	$	26,934	$	13,783	$	29,158	$	16,232
Less dividends:
Common Stock		1,786		1,786		3,571		3,571
Class B Common Stock		538		533		1,070		1,060
Total undistributed earnings	$	24,610	$	11,464	$	24,517	$	11,601

Common Stock undistributed earnings – basic	$	18,913	$	8,830	$	18,858	$	8,942
Class B Common Stock undistributed earnings – basic		5,697		2,634		5,659		2,659
Total undistributed earnings – basic	$	24,610	$	11,464	$	24,517	$	11,601

Common Stock undistributed earnings – diluted	$	18,832	$	8,792	$	18,777	$	8,904
Class B Common Stock undistributed earnings – diluted		5,778		2,672		5,740		2,697
Total undistributed earnings – diluted	$	24,610	$	11,464	$	24,517	$	11,601

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,786	$	1,786	$	3,571	$	3,571
Common Stock undistributed earnings – basic		18,913		8,830		18,858		8,942
Numerator for basic net income per Common Stock share	$	20,699	$	10,616	$	22,429	$	12,513

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	538	$	533	$	1,070	$	1,060
Class B Common Stock undistributed earnings – basic		5,697		2,634		5,659		2,659
Numerator for basic net income per Class B Common Stock share	$	6,235	$	3,167	$	6,729	$	3,719

	Second Quarter				First Half
In Thousands (Except Per Share Data)	2015		2014		2015		2014
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,786	$	1,786	$	3,571	$	3,571
Dividends on Class B Common Stock assumed converted to Common Stock		538		533		1,070		1,060
Common Stock undistributed earnings – diluted		24,610		11,464		24,517		11,601
Numerator for diluted net income per Common Stock share	$	26,934	$	13,783	$	29,158	$	16,232

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	538	$	533	$	1,070	$	1,060
Class B Common Stock undistributed earnings – diluted		5,778		2,672		5,740		2,697
Numerator for diluted net income per Class B Common Stock share	$	6,316	$	3,205	$	6,810	$	3,757

Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic		7,141		7,141		7,141		7,141
Class B Common Stock weighted average shares outstanding – basic		2,151		2,130		2,143		2,123

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)		9,332		9,311		9,324		9,304
Class B Common Stock weighted average shares outstanding – diluted		2,191		2,170		2,183		2,163

Basic net income per share:
Common Stock	$	2.90	$	1.49	$	3.14	$	1.75

Class B Common Stock	$	2.90	$	1.49	$	3.14	$	1.75

Diluted net income per share:
Common Stock	$	2.89	$	1.48	$	3.13	$	1.74

Class B Common Stock	$	2.88	$	1.48	$	3.12	$	1.74

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)	Denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of shares relative to the Performance Unit Award.