Net Income Per Share

9 Months Ended

Sep. 29, 2019

5.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 Nine Months
(in thousands, except per share data)	2019		2018		2019		2018
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca-Cola Consolidated, Inc.	$	13,006	$	25,164	$	21,545	$	7,046
Less dividends:
Common Stock		1,786		1,787		5,356		5,357
Class B Common Stock		558		556		1,670		1,657
Total undistributed earnings	$	10,662	$	22,821	$	14,519	$	32

Common Stock undistributed earnings – basic	$	8,123	$	17,422	$	11,066	$	24
Class B Common Stock undistributed earnings – basic		2,539		5,399		3,453		8
Total undistributed earnings – basic	$	10,662	$	22,821	$	14,519	$	32

Common Stock undistributed earnings – diluted	$	8,089	$	17,327	$	11,019	$	24
Class B Common Stock undistributed earnings – diluted		2,573		5,494		3,500		8
Total undistributed earnings – diluted	$	10,662	$	22,821	$	14,519	$	32

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,786	$	1,787	$	5,356	$	5,357
Common Stock undistributed earnings – basic		8,123		17,422		11,066		24
Numerator for basic net income per Common Stock share	$	9,909	$	19,209	$	16,422	$	5,381

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	558	$	556	$	1,670	$	1,657
Class B Common Stock undistributed earnings – basic		2,539		5,399		3,453		8
Numerator for basic net income per Class B Common Stock share	$	3,097	$	5,955	$	5,123	$	1,665

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,786	$	1,787	$	5,356	$	5,357
Dividends on Class B Common Stock assumed converted to Common Stock		558		556		1,670		1,657
Common Stock undistributed earnings – diluted		10,662		22,821		14,519		32
Numerator for diluted net income per Common Stock share	$	13,006	$	25,164	$	21,545	$	7,046

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	558	$	556	$	1,670	$	1,657
Class B Common Stock undistributed earnings – diluted		2,573		5,494		3,500		8
Numerator for diluted net income per Class B Common Stock share	$	3,131	$	6,050	$	5,170	$	1,665

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		2,232		2,213		2,228		2,208

	Third Quarter				First Nine Months
(in thousands, except per share data)	2019		2018		2019		2018
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)		9,413		9,405		9,409		9,400
Class B Common Stock weighted average shares outstanding – diluted		2,272		2,264		2,268		2,259

Basic net income per share:
Common Stock	$	1.39	$	2.69	$	2.30	$	0.75
Class B Common Stock	$	1.39	$	2.69	$	2.30	$	0.75

Diluted net income per share:
Common Stock	$	1.38	$	2.69	$	2.29	$	0.75
Class B Common Stock	$	1.38	$	2.68	$	2.28	$	0.74

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 losses 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 included the dilutive effect of shares relative to the Long-Term Performance Equity Plan and the Performance Unit Award Agreement. For periods presented during which the Company has net loss, the unvested performance units granted pursuant to the Long-Term Performance Equity Plan and the Performance Unit Award Agreement are excluded from the calculation of diluted net loss per share, as the effect of these awards would be anti-dilutive. See Note 21 to the condensed consolidated financial statements for additional information on the Long-Term Performance Equity Plan and the Performance Unit Award Agreement.

⁽⁴⁾

The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award are prospectively removed from the denominator for the calculation of diluted net income per share.

⁽⁵⁾	The Company does not have anti-dilutive shares.