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:

	Third Quarter				First Three Quarters
(in thousands, except per share data)	2016		2015		2016		2015
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	$	23,142	$	25,553	$	28,753	$	54,711
Less dividends:
Common Stock		1,785		1,785		5,356		5,356
Class B Common Stock		543		538		1,624		1,608
Total undistributed earnings	$	20,814	$	23,230	$	21,773	$	47,747

Common Stock undistributed earnings – basic	$	15,960	$	17,853	$	16,704	$	36,714
Class B Common Stock undistributed earnings – basic		4,854		5,377		5,069		11,033
Total undistributed earnings – basic	$	20,814	$	23,230	$	21,773	$	47,747

Common Stock undistributed earnings – diluted	$	15,891	$	17,776	$	16,633	$	36,556
Class B Common Stock undistributed earnings – diluted		4,923		5,454		5,140		11,191
Total undistributed earnings – diluted	$	20,814	$	23,230	$	21,773	$	47,747

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,785	$	5,356	$	5,356
Common Stock undistributed earnings – basic		15,960		17,853		16,704		36,714
Numerator for basic net income per Common Stock share	$	17,745	$	19,638	$	22,060	$	42,070

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	543	$	538	$	1,624	$	1,608
Class B Common Stock undistributed earnings – basic		4,854		5,377		5,069		11,033
Numerator for basic net income per Class B Common Stock share	$	5,397	$	5,915	$	6,693	$	12,641

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,785	$	5,356	$	5,356
Dividends on Class B Common Stock assumed converted to Common Stock		543		538		1,624		1,608
Common Stock undistributed earnings – diluted		20,814		23,230		21,773		47,747
Numerator for diluted net income per Common Stock share	$	23,142	$	25,553	$	28,753	$	54,711

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	543	$	538	$	1,624	$	1,608
Class B Common Stock undistributed earnings – diluted		4,923		5,454		5,140		11,191
Numerator for diluted net income per Class B Common Stock share	$	5,466	$	5,992	$	6,764	$	12,799

	Third Quarter				First Three Quarters
(in thousands, except per share data)	2016		2015		2016		2015
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		2,172		2,151		2,167		2,146

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)		9,353		9,332		9,348		9,327
Class B Common Stock weighted average shares outstanding – diluted		2,212		2,191		2,207		2,186

Basic net income per share:
Common Stock	$	2.48	$	2.75	$	3.09	$	5.89
Class B Common Stock	$	2.48	$	2.75	$	3.09	$	5.89

Diluted net income per share:
Common Stock	$	2.47	$	2.74	$	3.08	$	5.87
Class B Common Stock	$	2.47	$	2.73	$	3.07	$	5.85

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.