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Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jul. 01, 2018
Earnings Per Share [Abstract]  
Computation of Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic net income (loss) per share and diluted net income (loss) per share under the two-class method:

 

 

 

Second Quarter

 

 

First Half

 

(in thousands, except per share data)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Numerator for basic and diluted net income (loss) per Common Stock and Class B Common Stock share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Coca-Cola Bottling Co. Consolidated

 

$

(3,933

)

 

$

6,348

 

 

$

(18,118

)

 

$

1,297

 

Less dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

1,785

 

 

 

1,786

 

 

 

3,570

 

 

 

3,571

 

Class B Common Stock

 

 

553

 

 

 

548

 

 

 

1,101

 

 

 

1,091

 

Total undistributed earnings (losses)

 

$

(6,271

)

 

$

4,014

 

 

$

(22,789

)

 

$

(3,365

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock undistributed earnings (losses) – basic

 

$

(4,787

)

 

$

3,071

 

 

$

(17,411

)

 

$

(2,577

)

Class B Common Stock undistributed earnings (losses) – basic

 

 

(1,484

)

 

 

943

 

 

 

(5,378

)

 

 

(788

)

Total undistributed earnings (losses) – basic

 

$

(6,271

)

 

$

4,014

 

 

$

(22,789

)

 

$

(3,365

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock undistributed earnings (losses) – diluted

 

$

(4,787

)

 

$

3,058

 

 

$

(17,411

)

 

$

(2,566

)

Class B Common Stock undistributed earnings (losses) – diluted

 

 

(1,484

)

 

 

956

 

 

 

(5,378

)

 

 

(799

)

Total undistributed earnings (losses) – diluted

 

$

(6,271

)

 

$

4,014

 

 

$

(22,789

)

 

$

(3,365

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic net income (loss) per Common Stock share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Common Stock

 

$

1,785

 

 

$

1,786

 

 

$

3,570

 

 

$

3,571

 

Common Stock undistributed earnings (losses) – basic

 

 

(4,787

)

 

 

3,071

 

 

 

(17,411

)

 

 

(2,577

)

Numerator for basic net income (loss) per Common Stock share

 

$

(3,002

)

 

$

4,857

 

 

$

(13,841

)

 

$

994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic net income (loss) per Class B Common Stock share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Class B Common Stock

 

$

553

 

 

$

548

 

 

$

1,101

 

 

$

1,091

 

Class B Common Stock undistributed earnings (losses) – basic

 

 

(1,484

)

 

 

943

 

 

 

(5,378

)

 

 

(788

)

Numerator for basic net income (loss) per Class B Common Stock share

 

$

(931

)

 

$

1,491

 

 

$

(4,277

)

 

$

303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted net income (loss) per Common Stock share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Common Stock

 

$

1,785

 

 

$

1,786

 

 

$

3,570

 

 

$

3,571

 

Dividends on Class B Common Stock assumed converted to Common Stock

 

 

553

 

 

 

548

 

 

 

1,101

 

 

 

1,091

 

Common Stock undistributed earnings (losses) – diluted

 

 

(6,271

)

 

 

4,014

 

 

 

(22,789

)

 

 

(3,365

)

Numerator for diluted net income (loss) per Common Stock share

 

$

(3,933

)

 

$

6,348

 

 

$

(18,118

)

 

$

1,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted net income (loss) per Class B Common Stock share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Class B Common Stock

 

$

553

 

 

$

548

 

 

$

1,101

 

 

$

1,091

 

Class B Common Stock undistributed earnings (losses) – diluted

 

 

(1,484

)

 

 

956

 

 

 

(5,378

)

 

 

(799

)

Numerator for diluted net income (loss) per Class B Common Stock share

 

$

(931

)

 

$

1,504

 

 

$

(4,277

)

 

$

292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic net income (loss) 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

 

 

2,213

 

 

 

2,193

 

 

 

2,206

 

 

 

2,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted net income (loss) 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)

 

 

9,354

 

 

 

9,374

 

 

 

9,347

 

 

 

9,366

 

Class B Common Stock weighted average shares outstanding – diluted

 

 

2,213

 

 

 

2,233

 

 

 

2,206

 

 

 

2,225

 

 

 

 

Second Quarter

 

 

First Half

 

(in thousands, except per share data)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Basic net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

(0.42

)

 

$

0.68

 

 

$

(1.94

)

 

$

0.14

 

Class B Common Stock

 

$

(0.42

)

 

$

0.68

 

 

$

(1.94

)

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

(0.42

)

 

$

0.68

 

 

$

(1.94

)

 

$

0.14

 

Class B Common Stock

 

$

(0.42

)

 

$

0.67

 

 

$

(1.94

)

 

$

0.13

 

The unvested performance units granted to Mr. Harrison pursuant to the Performance Unit Award Agreement and the Long-Term Performance Equity Plan were excluded from the calculation of diluted net loss per share for the second quarter of 2018 and the first half of 2018, as the effect of these awards would have been anti-dilutive.

 

NOTES TO TABLE

 

(1)

For purposes of the diluted net income (loss) 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 (loss) 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)

The denominator for diluted net income (loss) 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.