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Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 29, 2019
Earnings Per Share [Abstract]  
Computation of Basic Net Loss Per Share and Diluted Net 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. See Note 1 for additional information related to net income (loss) per share.

 

 

 

Fiscal Year

 

(in thousands, except per share data)

 

2019

 

 

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 Consolidated, Inc.

 

$

11,375

 

 

$

(19,930

)

 

$

96,535

 

Less dividends:

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

7,141

 

 

 

7,141

 

 

 

7,141

 

Class B Common Stock

 

 

2,228

 

 

 

2,212

 

 

 

2,187

 

Total undistributed earnings (losses)

 

$

2,006

 

 

$

(29,283

)

 

$

87,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock undistributed earnings (losses) – basic

 

$

1,529

 

 

$

(22,365

)

 

$

66,754

 

Class B Common Stock undistributed earnings (losses) – basic

 

 

477

 

 

 

(6,918

)

 

 

20,453

 

Total undistributed earnings (losses) – basic

 

$

2,006

 

 

$

(29,283

)

 

$

87,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock undistributed earnings (losses) – diluted

 

$

1,521

 

 

$

(22,365

)

 

$

66,469

 

Class B Common Stock undistributed earnings (losses) – diluted

 

 

485

 

 

 

(6,918

)

 

 

20,738

 

Total undistributed earnings (losses) – diluted

 

$

2,006

 

 

$

(29,283

)

 

$

87,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Common Stock

 

$

7,141

 

 

$

7,141

 

 

$

7,141

 

Common Stock undistributed earnings (losses) – basic

 

 

1,529

 

 

 

(22,365

)

 

 

66,754

 

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

 

$

8,670

 

 

$

(15,224

)

 

$

73,895

 

 

 

 

Fiscal Year

 

(in thousands, except per share data)

 

2019

 

 

2018

 

 

2017

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Class B Common Stock

 

$

2,228

 

 

$

2,212

 

 

$

2,187

 

Class B Common Stock undistributed earnings (losses) – basic

 

 

477

 

 

 

(6,918

)

 

 

20,453

 

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

 

$

2,705

 

 

$

(4,706

)

 

$

22,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Common Stock

 

$

7,141

 

 

$

7,141

 

 

$

7,141

 

Dividends on Class B Common Stock assumed converted to Common Stock

 

 

2,228

 

 

 

2,212

 

 

 

2,187

 

Common Stock undistributed earnings (losses) – diluted

 

 

2,006

 

 

 

(29,283

)

 

 

87,207

 

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

 

$

11,375

 

 

$

(19,930

)

 

$

96,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Class B Common Stock

 

$

2,228

 

 

$

2,212

 

 

$

2,187

 

Class B Common Stock undistributed earnings (losses) – diluted

 

 

485

 

 

 

(6,918

)

 

 

20,738

 

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

 

$

2,713

 

 

$

(4,706

)

 

$

22,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Class B Common Stock weighted average shares outstanding – basic

 

 

2,229

 

 

 

2,209

 

 

 

2,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

9,417

 

 

 

9,350

 

 

 

9,369

 

Class B Common Stock weighted average shares outstanding – diluted

 

 

2,276

 

 

 

2,209

 

 

 

2,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

1.21

 

 

$

(2.13

)

 

$

10.35

 

Class B Common Stock

 

$

1.21

 

 

$

(2.13

)

 

$

10.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

1.21

 

 

$

(2.13

)

 

$

10.30

 

Class B Common Stock

 

$

1.19

 

 

$

(2.13

)

 

$

10.29

 

 

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 (losses) 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)

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 23 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 (loss) per share.

(5)

The Company did not have anti-dilutive shares for any periods presented.