EARNINGS PER SHARE

9 Months Ended

Sep. 29, 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
	September 29, 2024				October 1, 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)	$	202,390	$	67,993	$	178,573	$	59,146
Allocation of undistributed earnings	131,726		44,192		211,085		69,773
Total earnings—basic	$	334,116	$	112,185	$	389,658	$	128,919

Denominator (shares in thousands):
Total weighted-average shares—basic	147,938		54,614		150,116		54,614

Earnings Per Share—basic	$	2.26	$	2.05	$	2.60	$	2.36

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	334,116	$	112,185	$	389,658	$	128,919
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	112,185		—		128,919		—
Reallocation of undistributed earnings	—		(107)		—		(264)
Total earnings—diluted	$	446,301	$	112,078	$	518,577	$	128,655

Denominator (shares in thousands):
Number of shares used in basic computation	147,938		54,614		150,116		54,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		54,614		—
Employee stock options	283		—		400		—
Performance and restricted stock units	195		—		358		—
Total weighted-average shares—diluted	203,030		54,614		205,488		54,614

Earnings Per Share—diluted	$	2.20	$	2.05	$	2.52	$	2.36

The earnings per share calculations for the three months ended September 29, 2024 and October 1, 2023 excluded 12 and 8 stock options (in thousands), respectively, that would have been antidilutive.


	Nine Months Ended
	September 29, 2024				October 1, 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)	$	610,328	$	203,981	$	484,517	$	166,749
Allocation of undistributed earnings	457,433		152,906		644,062		217,417
Total earnings—basic	$	1,067,761	$	356,887	$	1,128,579	$	384,166

Denominator (shares in thousands):
Total weighted-average shares—basic	148,474		54,614		149,307		55,447

Earnings Per Share—basic	$	7.19	$	6.53	$	7.56	$	6.93

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,067,761	$	356,887	$	1,128,579	$	384,166
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	356,887		—		384,166		—
Reallocation of undistributed earnings	—		(418)		—		(931)
Total earnings—diluted	$	1,424,648	$	356,469	$	1,512,745	$	383,235

Denominator (shares in thousands):
Number of shares used in basic computation	148,474		54,614		149,307		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	300		—		457		—
Performance and restricted stock units	243		—		402		—
Total weighted-average shares—diluted	203,631		54,614		205,613		55,447

Earnings Per Share—diluted	$	7.00	$	6.53	$	7.36	$	6.91

The earnings per share calculations for the nine months ended September 29, 2024 and October 1, 2023 excluded 13 and 12 stock options (in thousands), respectively, that would have been antidilutive.