Net Income Per Share

The Company calculates net income per share in accordance with US GAAP, which requires the Company to allocate income to its unvested participating securities as part of its earnings per share (“EPS”) calculations. The following table sets forth the computation of basic earnings per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data):



	Thirteen weeks ended
	November 25, 2017		November 26, 2016

Net income available to shareholders	$	34,206	$	28,214

Allocation of net income for Basic:
Common Stock	$	27,384	$	22,342
Class B Common Stock	6,822		5,668
Unvested participating shares	—		204
	$	34,206	$	28,214

Weighted average number of shares for Basic:
Common Stock	15,462		15,285
Class B Common Stock	4,816		4,847
Unvested participating shares	—		140
	20,278		20,272

Earnings per share for Basic:
Common Stock	$	1.77	$	1.46
Class B Common Stock	$	1.42	$	1.17

The Company is required to calculate diluted EPS for Common Stock using the more dilutive of the following two methods:


•	The treasury stock method; or


•	The two-class method assuming a participating security is not exercised or converted.

For the thirteen weeks ended November 25, 2017 and November 26, 2016, the Company’s diluted EPS assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen weeks ended November 25, 2017 and November 26, 2016 (in thousands, except per share data):



	Thirteen weeks ended November 25, 2017					Thirteen weeks ended November 26, 2016
	Earnings to Common shareholders		Common Shares	EPS		Earnings to Common shareholders			Common Shares	EPS

As reported - Basic	$	27,384	15,462	$	1.77	$	22,342		15,285	$	1.46

Add: effect of dilutive potential common shares
Share-Based Awards	—		156			—			117
Class B Common Stock	6,822		4,816			5,668			4,847

Add: Undistributed earnings allocated to unvested participating shares	—		—			199			—

Less: Undistributed earnings reallocated to unvested participating shares	—		—			(189		)	—

Diluted EPS – Common Stock	$	34,206	20,434	$	1.67	$	28,020		20,249	$	1.38

Share-based awards that would result in the issuance of 117 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended November 25, 2017 because they were anti-dilutive. There were no share-based awards that were excluded from the calculation of diluted earnings per share for the thirteen weeks ended November 26, 2016 because they were anti-dilutive.