| Computation of Net Income 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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Thirty-nine weeks ended |
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September 28,
2024 |
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September 30,
2023 |
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September 28,
2024 |
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September 30,
2023 |
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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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$ |
33,514 |
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$ |
45,295 |
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$ |
98,450 |
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$ |
94,374 |
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Allocation of net income for basic: |
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Class A Common Stock |
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$ |
27,500 |
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$ |
37,542 |
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$ |
81,082 |
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$ |
78,276 |
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Class B Common Stock |
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|
5,933 |
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|
7,660 |
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|
|
17,140 |
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|
15,908 |
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Unvested participating shares |
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|
81 |
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|
93 |
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|
228 |
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|
190 |
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$ |
33,514 |
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$ |
45,295 |
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|
$ |
98,450 |
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$ |
94,374 |
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Weighted average number of shares for basic: |
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Class A Common Stock |
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9,586 |
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10,135 |
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9,783 |
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10,175 |
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Class B Common Stock |
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2,068 |
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|
2,068 |
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|
2,068 |
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|
2,068 |
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Unvested participating shares |
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28 |
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25 |
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27 |
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|
25 |
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11,682 |
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12,228 |
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11,878 |
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12,268 |
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Net income per share for basic: |
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Class A Common Stock |
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$ |
2.87 |
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$ |
3.70 |
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$ |
8.29 |
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$ |
7.69 |
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Class B Common Stock |
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$ |
2.87 |
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$ |
3.70 |
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$ |
8.29 |
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|
$ |
7.69 |
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| Computation of Net Income per Share, Diluted |
The following table sets forth the computations of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and for the thirteen weeks and thirty-nine ended September 30, 2023:
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Thirteen weeks ended |
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September 28, 2024 |
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September 30, 2023 |
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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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$ |
27,500 |
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|
9,586 |
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$ |
2.87 |
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$ |
37,542 |
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|
10,135 |
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$ |
3.70 |
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Add: effect of dilutive common
shares |
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Share-based awards |
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— |
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17 |
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— |
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30 |
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Class B Common Stock |
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5,933 |
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|
2,068 |
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7,660 |
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|
2,068 |
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Net effect of unvested participating
shares |
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— |
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— |
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1 |
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— |
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Net income per common share -
diluted |
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$ |
33,433 |
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|
|
11,671 |
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$ |
2.86 |
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$ |
45,203 |
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|
12,233 |
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$ |
3.70 |
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Thirty-nine weeks ended |
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September 28, 2024 |
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September 30, 2023 |
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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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$ |
81,082 |
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|
|
9,783 |
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$ |
8.29 |
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$ |
78,276 |
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|
|
10,175 |
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|
$ |
7.69 |
|
Add: effect of dilutive common
shares |
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Share-based awards |
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— |
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20 |
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— |
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|
37 |
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Class B Common Stock |
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17,140 |
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|
|
2,068 |
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|
15,908 |
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|
2,068 |
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Net effect of unvested participating
shares |
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— |
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— |
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1 |
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— |
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Net income per common share -
diluted |
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$ |
98,222 |
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|
11,871 |
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$ |
8.27 |
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$ |
94,185 |
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|
12,280 |
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$ |
7.67 |
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