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General (Tables)
9 Months Ended
Sep. 28, 2023
Accounting Policies [Abstract]  
Schedule of Earnings (Loss) Per Share
The following table illustrates the computation of Common Stock basic and diluted net earnings (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:
13 Weeks Ended39 Weeks Ended
September 28, 2023September 29, 2022September 28, 2023September 29, 2022
Numerator:
Net earnings (loss) $12,234 $3,289 $16,234 $(2,653)
Denominator (in thousands):
Denominator for basic EPS31,691 31,506 31,645 31,481 
Effect of dilutive employee stock options41 84 48 — 
Effect of convertible notes9,242 9,112 9,242 — 
Denominator for diluted EPS40,974 40,702 40,935 31,481 
Net earnings (loss) per share - basic:
Common Stock$0.39 $0.11 $0.52 $(0.09)
Class B Common Stock$0.36 $0.10 $0.48 $(0.08)
Net earnings (loss) per share - diluted:
Common Stock$0.32 $0.10 $0.46 $(0.09)
Class B Common Stock$0.31 $0.10 $0.46 $(0.08)
Schedule of Stockholders Equity Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 and 39 weeks ended September 28, 2023 and September 29, 2022 was as follows:
Common
Stock
Class B
Common
Stock
Capital
in Excess
of Par
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Shareholders’
Equity
Attributable
to The
Marcus
Corporation
Non-
controlling
Interest
Total
Equity
BALANCES AT DECEMBER 29, 2022
$24,498 $7,111 $153,794 $274,254 $(1,694)$(1,866)$456,097 $824 $456,921 
Cash dividends:
$0.045 per share Class B Common Stock
— — — (319)— — (319)— (319)
$0.05 per share Common Stock
— — — (1,229)— — (1,229)— (1,229)
Exercise of stock options— — (1)— — — 
Purchase of treasury stock— — — — — (313)(313)— (313)
Savings and profit-sharing contribution79 — 1,180 — — — 1,259 — 1,259 
Reissuance of treasury stock— — (3)— — 24 21 — 21 
Issuance of non-vested stock82 — (143)— — 61 — — — 
Shared-based compensation— — 2,172 — — — 2,172 — 2,172 
Other— — (1)— — — — — 
Conversions of Class B Common Stock33 (33)— — — — — — — 
Distribution to noncontrolling interest— — — — — — — (550)(550)
Comprehensive loss— — — (9,466)(91)— (9,557)— (9,557)
BALANCES AT MARCH 30, 2023$24,692 $7,078 $157,000 $263,239 $(1,785)$(2,091)$448,133 $274 $448,407 
Cash dividends:
$0.045 per share Class B Common Stock
— — — (319)— — (319)— (319)
$0.05 per share Common Stock
— — — (1,230)— — (1,230)— (1,230)
Exercise of stock options— — (25)— — 121 96 — 96 
Purchase of treasury stock— — — — — (226)(226)— (226)
Reissuance of treasury stock— — (204)— — 223 19 — 19 
Issuance of non-vested stock— — (55)— — 55 — — — 
Shared-based compensation— — 1,515 — — — 1,515 — 1,515 
Other— — — — (1)— — — 
Distribution to noncontrolling interest— — — — — — — (274)(274)
Comprehensive income (loss)— — — 13,466 (12)— 13,454 — 13,454 
BALANCES AT JUNE 29, 2023$24,692 $7,078 $158,231 $275,157 $(1,797)$(1,919)$461,442 $— $461,442 
Cash dividends:
$0.064 per share Class B Common Stock
— — — (453)— — (453)— (453)
$0.07 per share Common Stock
— — — (1,723)— — (1,723)— (1,723)
Exercise of stock options— — (184)— — 1,171 987 — 987 
Purchase of treasury stock— — — — — (914)(914)— (914)
Reissuance of treasury stock— — (3)— — 27 24 — 24 
Issuance of non-vested stock— — (53)— — 53 — — — 
Shared-based compensation— — 1,313 — — — 1,313 — 1,313 
Comprehensive income — — — 12,234 (12)— 12,222 — 12,222 
BALANCES AT SEPTEMBER 28, 2023
$24,692 $7,078 $159,304 $285,215 $(1,809)$(1,582)$472,898 $— $472,898 
Common
Stock
Class B
Common
Stock
Capital
in Excess
of Par
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Shareholders’
Equity
Attributable
to The
Marcus
Corporation
Non-
controlling
Interest
Total
Equity
BALANCES AT DECEMBER 30, 2021$24,345 $7,130 $145,656 $289,306 $(11,444)$(1,379)$453,614 $— $453,614 
Exercise of stock options— — (5)— — 31 26 — 26 
Purchase of treasury stock— — — — — (1,373)(1,373)— (1,373)
Savings and profit-sharing contribution56 — 900 — — — 956 — 956 
Reissuance of treasury stock— — — — — 
Issuance of non-vested stock78 — (236)— — 158 — — — 
Shared-based compensation— — 2,917 — — — 2,917 — 2,917 
Other— — (1)— — — — — 
Conversions of Class B Common Stock19 (19)— — — — — — — 
Comprehensive income (loss)— — — (14,902)531 — (14,371)— (14,371)
BALANCES AT MARCH 31, 2022$24,498 $7,111 $149,234 $274,403 $(10,913)$(2,555)$441,778 $— $441,778 
Exercise of stock options— — (16)— — 69 53 — 53 
Purchase of treasury stock— — — — — (104)(104)— (104)
Reissuance of treasury stock— — (2)— — — 
Issuance of non-vested stock— — (305)— — 305 — — — 
Shared-based compensation— — 1,655 — — — 1,655 — 1,655 
Other— — (1)— — — — — 
Comprehensive income— — — 8,960 384 — 9,344 — 9,344 
BALANCES AT JUNE 30, 2022$24,498 $7,111 $150,565 $283,364 $(10,529)$(2,276)$452,733 $— $452,733 
Cash dividends:
$0.045 per share Class B Common Stock
— — — (320)— — (320)— (320)
$0.05 per share Common Stock
— — — (1,220)— — (1,220)— (1,220)
Exercise of stock options— — (175)— — 988 813 — 813 
Purchase of treasury stock— — — — — (809)(809)— (809)
Reissuance of treasury stock— — (2)— — 20 18 — 18 
Issuance of non-vested stock— — (131)— — 131 — — — 
Shared-based compensation— — 2,464 — — — 2,464 — 2,464 
Comprehensive income — — — 3,289 260 — 3,549 — 3,549 
BALANCES AT SEPTEMBER 29, 2022$24,498 $7,111 $152,721 $285,113 $(10,269)$(1,946)$457,228 $— $457,228 
Schedule of Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
September 28,
2023
December 29,
2022
Unrecognized gain on interest rate swap agreements$— $80 
Net unrecognized actuarial loss for pension obligation(1,809)$(1,774)
$(1,809)$(1,694)
Schedule of Defined Benefit Plan The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
13 Weeks Ended39 Weeks Ended
September 28, 2023September 29, 2022September 28, 2023September 29, 2022
Service cost$122 $263 $366 $791 
Interest cost453 335 1,358 1,005 
Net amortization of prior service cost and actuarial loss(16)258 (48)772 
Net periodic pension cost$559 $856 $1,676 $2,568 
Schedule of Disaggregation of Revenue The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 28, 2023 is as follows:
13 Weeks Ended September 28, 2023
TheatresHotels/Resorts CorporateTotal
Theatre admissions$63,652 $— $— $63,652 
Rooms— 36,456 — 36,456 
Theatre concessions54,551 — — 54,551 
Food and beverage— 20,214 — 20,214 
Other revenues(1)
8,382 15,443 83 23,908 
Cost reimbursements— 9,985 — 9,985 
Total revenues$126,585 $82,098 $83 $208,766 
39 Weeks Ended September 28, 2023
TheatresHotels/Resorts CorporateTotal
Theatre admissions$180,274 $— $— $180,274 
Rooms— 82,959 — $82,959 
Theatre concessions156,633 — — $156,633 
Food and beverage— 53,980 — $53,980 
Other revenues(1)
22,904 41,857 263 $65,024 
Cost reimbursements— 29,179 — $29,179 
Total revenues$359,811 $207,975 $263 $568,049 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 29, 2022 is as follows:
13 Weeks Ended September 29, 2022
TheatresHotels/ResortsCorporateTotal
Theatre admissions$49,424 $— $— $49,424 
Rooms— 36,924 — 36,924 
Theatre concessions44,715 — — 44,715 
Food and beverage— 21,444 — 21,444 
Other revenues(1)
7,119 14,963 92 22,174 
Cost reimbursements— 8,969 — 8,969 
Total revenues$101,258 $82,300 $92 $183,650 
39 Weeks Ended September 29, 2022
TheatresHotels/ResortsCorporateTotal
Theatre admissions$150,928 $— $— $150,928 
Rooms— 83,219 — 83,219 
Theatre concessions138,326 — — 138,326 
Food and beverage— 54,969 — 54,969 
Other revenues(1)
20,932 40,938 303 62,173 
Cost reimbursements— 24,832 — 24,832 
Total revenues$310,186 $203,958 $303 $514,447 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.