21.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)	2017		2016		2017		2016
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	$	17,316	$	23,142	$	18,613	$	28,753
Less dividends:
Common Stock		1,785		1,785		5,356		5,356
Class B Common Stock		548		543		1,639		1,624
Total undistributed earnings	$	14,983	$	20,814	$	11,618	$	21,773

Common Stock undistributed earnings – basic	$	11,463	$	15,960	$	8,893	$	16,704
Class B Common Stock undistributed earnings – basic		3,520		4,854		2,725		5,069
Total undistributed earnings – basic	$	14,983	$	20,814	$	11,618	$	21,773

Common Stock undistributed earnings – diluted	$	11,414	$	15,891	$	8,855	$	16,633
Class B Common Stock undistributed earnings – diluted		3,569		4,923		2,763		5,140
Total undistributed earnings – diluted	$	14,983	$	20,814	$	11,618	$	21,773

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		11,463		15,960		8,893		16,704
Numerator for basic net income per Common Stock share	$	13,248	$	17,745	$	14,249	$	22,060

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	548	$	543	$	1,639	$	1,624
Class B Common Stock undistributed earnings – basic		3,520		4,854		2,725		5,069
Numerator for basic net income per Class B Common Stock share	$	4,068	$	5,397	$	4,364	$	6,693

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		548		543		1,639		1,624
Common Stock undistributed earnings – diluted		14,983		20,814		11,618		21,773
Numerator for diluted net income per Common Stock share	$	17,316	$	23,142	$	18,613	$	28,753

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	548	$	543	$	1,639	$	1,624
Class B Common Stock undistributed earnings – diluted		3,569		4,923		2,763		5,140
Numerator for diluted net income per Class B Common Stock share	$	4,117	$	5,466	$	4,402	$	6,764

	Third Quarter				First Three Quarters
(in thousands, except per share data)	2017		2016		2017		2016
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		2,193		2,172		2,188		2,167

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)		9,374		9,353		9,369		9,348
Class B Common Stock weighted average shares outstanding – diluted		2,233		2,212		2,228		2,207

Basic net income per share:
Common Stock	$	1.86	$	2.48	$	2.00	$	3.09
Class B Common Stock	$	1.86	$	2.48	$	2.00	$	3.09

Diluted net income per share:
Common Stock	$	1.85	$	2.47	$	1.99	$	3.08
Class B Common Stock	$	1.84	$	2.47	$	1.97	$	3.07

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 Agreement.

(4)	The Company does not have anti-dilutive shares.