| Computation of Earnings Per Share, Basic |
The following table sets forth the computation of basic net income per share using the two-class method:
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Thirteen weeks ended |
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Twenty-six weeks ended |
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June 25,
2022 |
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June 26,
2021 |
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June 25,
2022 |
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June 26,
2021 |
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(in thousands, except per share data) |
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(in thousands, except per share data) |
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Net income |
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$ |
53,349 |
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$ |
59,195 |
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|
$ |
51,394 |
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|
$ |
124,760 |
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Allocation of net income for basic: |
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Class A Common Stock |
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$ |
44,261 |
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$ |
48,710 |
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|
$ |
42,631 |
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|
$ |
102,354 |
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Class B Common Stock |
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|
8,956 |
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|
|
10,268 |
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|
|
8,634 |
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|
|
21,893 |
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Unvested participating shares |
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|
132 |
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|
|
217 |
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|
|
129 |
|
|
|
513 |
|
|
|
$ |
53,349 |
|
|
$ |
59,195 |
|
|
$ |
51,394 |
|
|
$ |
124,760 |
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Weighted average number of shares for basic: |
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Class A Common Stock |
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10,221 |
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10,108 |
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10,210 |
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|
|
10,072 |
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Class B Common Stock* |
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|
2,068 |
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|
|
2,131 |
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|
|
2,068 |
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|
|
2,155 |
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Unvested participating shares |
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30 |
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|
44 |
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31 |
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|
50 |
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12,319 |
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12,283 |
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|
12,309 |
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|
12,277 |
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Net income per share for basic: |
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Class A Common Stock |
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$ |
4.33 |
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$ |
4.82 |
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$ |
4.18 |
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$ |
10.16 |
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Class B Common Stock |
|
$ |
4.33 |
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|
$ |
4.82 |
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|
$ |
4.18 |
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$ |
10.16 |
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*The reduction in Class B Common Stock resulted from the conversion to Class A Common stock during fiscal 2021.
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| Computation of Diluted Net Income Per Share |
The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock for the thirteen and twenty-six weeks ended June 25, 2022 and for the thirteen and twenty-six weeks ended June 26, 2021:
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Thirteen weeks ended |
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June 25, 2022 |
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June 26, 2021 |
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Earnings to
Common
Shareholders |
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Common
Shares |
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|
EPS |
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Earnings to
Common
Shareholders |
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Common
Shares |
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EPS |
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(in thousands, except per share data) |
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As reported - basic |
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$ |
44,261 |
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|
|
10,221 |
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$ |
4.33 |
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$ |
48,710 |
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|
10,108 |
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$ |
4.82 |
|
Add: effect of dilutive common
shares |
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Share-based awards |
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— |
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52 |
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— |
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|
160 |
|
|
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Class B Common Stock |
|
|
8,956 |
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|
|
2,068 |
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|
10,268 |
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|
|
2,131 |
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Net effect of unvested participating
shares |
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|
132 |
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— |
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|
217 |
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|
66 |
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Net income per common share -
diluted |
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$ |
53,349 |
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|
|
12,341 |
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$ |
4.31 |
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$ |
59,195 |
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|
|
12,465 |
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$ |
4.75 |
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Twenty-six weeks ended |
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June 25, 2022 |
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June 26, 2021 |
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Earnings to
Common
Shareholders |
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|
Common
Shares |
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|
EPS |
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Earnings to
Common
Shareholders |
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|
Common
Shares |
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|
EPS |
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(in thousands, except per share data) |
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As reported - basic |
|
$ |
42,631 |
|
|
|
10,210 |
|
|
$ |
4.18 |
|
|
$ |
102,354 |
|
|
|
10,072 |
|
|
$ |
10.16 |
|
Add: effect of dilutive common
shares |
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|
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Share-based awards |
|
|
— |
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|
|
63 |
|
|
|
|
|
|
— |
|
|
|
161 |
|
|
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|
Class B Common Stock |
|
|
8,634 |
|
|
|
2,068 |
|
|
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|
|
|
21,893 |
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|
|
2,155 |
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Net effect of unvested participating
shares |
|
|
129 |
|
|
|
— |
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|
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|
513 |
|
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|
73 |
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Net income per common share -
diluted |
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$ |
51,394 |
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|
12,341 |
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$ |
4.15 |
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$ |
124,760 |
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|
|
12,461 |
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$ |
10.01 |
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