EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is convertible into Common Stock on a share-for-share basis at any time. The computation of diluted earnings per share for Common Stock assumes the conversion of Class B common stock using the if-converted method, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares.


	Three Months Ended
	June 30, 2024				July 2, 2023
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	202,527	$	67,994	$	152,389	$	53,801
Allocation of undistributed earnings	(67,107)		(22,520)		150,090		50,703
Total earnings—basic	$	135,420	$	45,474	$	302,479	$	104,504

Denominator (shares in thousands):
Total weighted-average shares—basic	147,893		54,614		149,244		55,447

Earnings Per Share—basic	$	0.92	$	0.83	$	2.03	$	1.88

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	135,420	$	45,474	$	302,479	$	104,504
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	45,474		—		104,504		—
Reallocation of undistributed earnings	—		57		—		(213)
Total earnings—diluted	$	180,894	$	45,531	$	406,983	$	104,291

Denominator (shares in thousands):
Number of shares used in basic computation	147,893		54,614		149,244		55,447
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		55,447		—
Employee stock options	299		—		468		—
Performance and restricted stock units	201		—		374		—
Total weighted-average shares—diluted	203,007		54,614		205,533		55,447

Earnings Per Share—diluted	$	0.89	$	0.83	$	1.98	$	1.88

The earnings per share calculations for the three months ended June 30, 2024 and July 2, 2023 excluded 13 and 12 stock options (in thousands), respectively, that would have been antidilutive.


	Six Months Ended
	June 30, 2024				July 2, 2023
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	407,938	$	135,988	$	305,944	$	107,602
Allocation of undistributed earnings	325,740		108,681		432,943		147,679
Total earnings—basic	$	733,678	$	244,669	$	738,887	$	255,281

Denominator (shares in thousands):
Total weighted-average shares—basic	148,753		54,614		148,914		55,864

Earnings Per Share—basic	$	4.93	$	4.48	$	4.96	$	4.57

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	733,678	$	244,669	$	738,887	$	255,281
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	244,669		—		255,281		—
Reallocation of undistributed earnings	—		(314)		—		(669)
Total earnings—diluted	$	978,347	$	244,355	$	994,168	$	254,612

Denominator (shares in thousands):
Number of shares used in basic computation	148,753		54,614		148,914		55,864
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		55,864		—
Employee stock options	308		—		486		—
Performance and restricted stock units	268		—		423		—
Total weighted-average shares—diluted	203,943		54,614		205,687		55,864

Earnings Per Share—diluted	$	4.80	$	4.47	$	4.83	$	4.56

The earnings per share calculations for the six months ended June 30, 2024 and July 2, 2023 excluded 13 and 12 stock options (in thousands), respectively, that would have been antidilutive.