General (Tables)

9 Months Ended

Sep. 24, 2020

General

Schedule of Earnings Per Share, Basic and Diluted

The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share for net earnings (loss) and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:

	13 Weeks		13 Weeks		39 Weeks		39 Weeks
	Ended		Ended		Ended		Ended
	September 24, 2020		September 26, 2019		September 24, 2020		September 26, 2019
	(in thousands, except per share data)
Numerator:
Net earnings (loss) attributable to The Marcus Corporation	$	(39,440)	$	14,289	$	(85,821)	$	34,215
Denominator:
Denominator for basic EPS		31,064		30,918		31,033		30,566
Effect of dilutive employee stock options		—		443		—		518
Denominator for diluted EPS		31,064		31,361		31,033		31,084
Net earnings (loss) per share – basic:
Common Stock	$	(1.30)	$	0.47	$	(2.84)	$	1.18
Class B Common Stock	$	(1.18)	$	0.43	$	(2.57)	$	1.02
Net earnings (loss) per share- diluted:
Common Stock	$	(1.30)	$	0.46	$	(2.84)	$	1.10
Class B Common Stock	$	(1.18)	$	0.43	$	(2.57)	$	1.01

Schedule of Stockholders Equity

													Shareholders’
													Equity
									Accumulated				Attributable
			Class B		Capital				Other				to The		Non-
	Common		Common		in Excess		Retained		Comprehensive		Treasury		Marcus		controlling		Total
	Stock		Stock		of Par		Earnings		Loss		Stock		Corporation		Interests		Equity
BALANCES AT DECEMBER 26, 2019	$	23,254	$	7,936	$	145,549	$	461,884	$	(12,648)	$	(4,540)	$	621,435	$	23	$	621,458
Cash Dividends:
$.15 Class B Common Stock		—		—		—		(1,224)		—		—		(1,224)		—		(1,224)
$.16 Common Stock		—		—		—		(3,921)		—		—		(3,921)		—		(3,921)
Exercise of stock options		—		—		5		—		—		40		45		—		45
Purchase of treasury stock		—		—		—		—		—		(274)		(274)		—		(274)
Savings and profit-sharing contribution		—		—		299		—		—		1,016		1,315		—		1,315
Reissuance of treasury stock		—		—		2		—		—		46		48		—		48
Issuance of non-vested stock		—		—		(149)		—		—		149		—		—		—
Shared-based compensation		—		—		988		—		—		—		988		—		988
Conversions of Class B Common Stock		10		(10)		—		—		—		—		—		—		—
Comprehensive income (loss)		—		—		—		(19,352)		(547)		—		(19,899)		(148)		(20,047)
BALANCES AT MARCH 26, 2020	$	23,264	$	7,926	$	146,694	$	437,387	$	(13,195)	$	(3,563)	$	598,513	$	(125)	$	598,388
Exercise of stock options		—		—		(4)		—		—		15		11		—		11
Reissuance of treasury stock		—		—		(17)		—		—		112		95		—		95
Issuance of non-vested stock		—		—		(172)		—		—		172		—		—		—
Shared-based compensation		—		—		1,190		—		—		—		1,190		—		1,190
Other		—		—		(1)		1		—		—		—		—		—
Comprehensive income (loss)		—		—		—		(27,029)		200		—		(26,829)		125		(26,704)
BALANCES AT JUNE 25, 2020	$	23,264	$	7,926	$	147,690	$	410,359	$	(12,995)	$	(3,264)	$	572,980	$	—	$	572,980
Exercise of stock options		—		—		(68)		—		—		391		323		—		323
Purchase of treasury stock		—		—		—		—		—		(422)		(422)		—		(422)
Reissuance of treasury stock		—		—		(1)		—		—		12		11		—		11
Issuance of non-vested stock		—		—		(158)		—		—		158		—		—		—
Shared-based compensation		—		—		1,108		—		—		—		1,108		—		1,108
Equity component of issuance of convertible notes, net of tax and issuance costs		—		—		16,522		—		—		—		16,522		—		16,522
Capped call transactions, net of tax		—		—		(12,495)		—		—		—		(12,495)		—		(12,495)
Comprehensive income (loss)		—		—		—		(39,440)		381		—		(39,059)		—		(39,059)
BALANCES AT SEPTEMBER 24, 2020	$	23,264	$	7,926	$	152,598	$	370,919	$	(12,614)	$	(3,125)	$	538,968	$	—	$	538,968

													Shareholders’
													Equity
									Accumulated				Attributable
			Class B		Capital				Other				to The		Non-
	Common		Common		in Excess		Retained		Comprehensive		Treasury		Marcus		controlling		Total
	Stock		Stock		of Par		Earnings		Loss		Stock		Corporation		Interests		Equity
BALANCES AT DECEMBER 27, 2018	$	22,843	$	8,347	$	63,830	$	439,178	$	(6,758)	$	(37,431)	$	490,009	$	110	$	490,119
Cash Dividends:
$.15 Class B Common Stock		—		—		—		(1,183)		—		—		(1,183)		—		(1,183)
$.16 Common Stock		—		—		—		(3,633)		—		—		(3,633)		—		(3,633)
Exercise of stock options		—		—		(78)		—		—		532		454		—		454
Purchase of treasury stock		—		—		—		—		—		(428)		(428)		—		(428)
Savings and profit-sharing contribution		—		—		810		—		—		371		1,181		—		1,181
Reissuance of treasury stock		—		—		31		—		—		16		47		—		47
Issuance of non-vested stock		—		—		(127)		—		—		127		—		—		—
Shared-based compensation		—		—		777		—		—		—		777		—		777
Reissuance of treasury stock-acquisition		—		—		77,960		—		—		31,237		109,197		—		109,197
Other		—		—		(109)		—		—		—		(109)		—		(109)
Conversions of Class B Common Stock		411		(411)		—		—		—		—		—		—		—
Distributions to noncontrolling interest		—		—		—		—		—		—		—		(60)		(60)
Comprehensive income (loss)		—		—		—		1,860		(297)		—		1,563		(66)		1,497
BALANCES AT MARCH 28, 2019	$	23,254	$	7,936	$	143,094	$	436,222	$	(7,055)	$	(5,576)	$	597,875	$	(16)	$	597,859
Cash Dividends:
$.15 Class B Common Stock		—		—		—		(1,155)		—		—		(1,155)		—		(1,155)
$.16 Common Stock		—		—		—		(3,675)		—		—		(3,675)		—		(3,675)
Exercise of stock options		—		—		(27)		—		—		477		450		—		450
Purchase of treasury stock		—		—		—		—		—		(213)		(213)		—		(213)
Reissuance of treasury stock		—		—		182		—		—		96		278		—		278
Issuance of non-vested stock		—		—		(142)		—		—		142		—		—		—
Shared-based compensation		—		—		949		—		—		—		949		—		949
Conversions of Class B Common Stock		—		—		—		—		—		—		—		—		—
Distributions to noncontrolling interest		—		—		—		—		—		—		—		(35)		(35)
Comprehensive income (loss)		—		—		—		18,066		(353)		—		17,713		171		17,884
BALANCES AT JUNE 27, 2019	$	23,254	$	7,936	$	144,056	$	449,458	$	(7,408)	$	(5,074)	$	612,222	$	120	$	612,342
$.15 Class B Common Stock		—		—		—		(1,155)		—		—		(1,155)		—		(1,155)
$.16 Common Stock		—		—		—		(3,677)		—		—		(3,677)		—		(3,677)
Exercise of stock options		—		—		(134)		—		—		574		440		—		440
Purchase of treasury stock		—		—		—		—		—		(478)		(478)		—		(478)
Reissuance of treasury stock		—		—		28		—		—		19		47		—		47
Issuance of non-vested stock		—		—		(131)		—		—		131		—		—		—
Shared-based compensation		—		—		868		—		—		—		868		—		868
Conversions of Class B Common Stock		—		—		—		—		—		—		—		—		—
Distributions to noncontrolling interest		—		—		—		—		—		—		—		(90)		(90)
Comprehensive income (loss)		—		—		—		14,289		(27)		—		14,262		(59)		14,203
BALANCES AT SEPTEMBER 26, 2019	$	23,254	$	7,936	$	144,687	$	458,915	$	(7,435)	$	(4,828)	$	622,529	$	(29)	$	622,500

Schedule of Accumulated Other Comprehensive Income (Loss)

	September 24,		December 26,
	2020		2019
	(in thousands)
Unrecognized loss on interest rate swap agreements	$	(1,397)	$	(882)
Net unrecognized actuarial loss for pension obligation		(11,217)		(11,766)
	$	(12,614)	$	(12,648)

Schedule of Defined Benefit Plan

	13 Weeks		13 Weeks		39 Weeks		39 Weeks
	Ended		Ended		Ended		Ended
	September 24, 2020		September 26, 2019		September 24, 2020		September 26, 2019
	(in thousands)
Service cost	$	274	$	207	$	821	$	625
Interest cost		342		372		1,028		1,114
Net amortization of prior service cost and actuarial loss		248		109		743		327
Net periodic pension cost	$	864	$	688	$	2,592	$	2,066

Schedule of Disaggregation of Revenue

	13 Weeks Ended September 24, 2020
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	3,118	$	—	$	—	$	3,118
Rooms		—		9,772		—		9,772
Theatre concessions		3,243		—		—		3,243
Food and beverage		—		5,420		—		5,420
Other revenues(1)		934		7,820		59		8,813
Cost reimbursements		59		3,166		—		3,225
Total revenues	$	7,354	$	26,178	$	59	$	33,591

	39 Weeks Ended September 24, 2020
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	58,667	$	—	$	—	$	58,667
Rooms		—		27,618		—		27,618
Theatre concessions		50,277		—		—		50,277
Food and beverage		—		19,620		—		19,620
Other revenues(1)		9,194		21,375		317		30,886
Cost reimbursements		276		13,640		—		13,916
Total revenues	$	118,414	$	82,253	$	317	$	200,984

(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 26, 2019 is as follows (in thousands):

	13 Weeks Ended September 26, 2019
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	69,753	$	—	$	—	$	69,753
Rooms		—		34,185		—		34,185
Theatre concessions		57,051		—		—		57,051
Food and beverage		—		20,170		—		20,170
Other revenues (1)		9,781		13,003		88		22,872
Cost reimbursements		217		7,214		—		7,431
Total revenues	$	136,802	$	74,572	$	88	$	211,462

	39 Weeks Ended September 26, 2019
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	211,777	$	—	$	—	$	211,777
Rooms		—		81,317		—		81,317
Theatre concessions		172,126		—		—		172,126
Food and beverage		—		54,568		—		54,568
Other revenues (1)		29,525		36,386		323		66,234
Cost reimbursements		646		27,333		—		27,979
Total revenues	$	414,074	$	199,604	$	323	$	614,001

(1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.