v3.25.2
Net Income Per Share (Tables)
 6 Months Ended
Jun. 27, 2025
Earnings Per Share [Abstract]  
Summary of Computation of Basic Net Income Per Share and Diluted Net Income Per Share
The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:

Second QuarterFirst Half
(in thousands, except per share data)2025202420252024
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income$187,387 $172,812 $290,998 $338,553 
Less dividends:
Common Stock19,283 4,185 38,565 142,273 
Class B Common Stock2,512 502 5,024 17,080 
Total undistributed earnings$165,592 $168,125 $247,409 $179,200 
Common Stock undistributed earnings – basic$146,472 $149,974 $218,869 $159,923 
Class B Common Stock undistributed earnings – basic19,120 18,151 28,540 19,277 
Total undistributed earnings – basic$165,592 $168,125 $247,409 $179,200 
Common Stock undistributed earnings – diluted$146,236 $149,738 $218,515 $159,671 
Class B Common Stock undistributed earnings – diluted19,356 18,387 28,894 19,529 
Total undistributed earnings – diluted$165,592 $168,125 $247,409 $179,200 
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$19,283 $4,185 $38,565 $142,273 
Common Stock undistributed earnings – basic146,472 149,974 218,869 159,923 
Numerator for basic net income per Common Stock share$165,755 $154,159 $257,434 $302,196 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$2,512 $502 $5,024 $17,080 
Class B Common Stock undistributed earnings – basic19,120 18,151 28,540 19,277 
Numerator for basic net income per Class B Common Stock share$21,632 $18,653 $33,564 $36,357 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$19,283 $4,185 $38,565 $142,273 
Dividends on Class B Common Stock assumed converted to Common Stock2,512 502 5,024 17,080 
Common Stock undistributed earnings – diluted165,592 168,125 247,409 179,200 
Numerator for diluted net income per Common Stock share$187,387 $172,812 $290,998 $338,553 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$2,512 $502 $5,024 $17,080 
Class B Common Stock undistributed earnings – diluted19,356 18,387 28,894 19,529 
Numerator for diluted net income per Class B Common Stock share$21,868 $18,889 $33,918 $36,609 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic76,969 83,016 77,048 83,349 
Class B Common Stock weighted average shares outstanding – basic10,047 10,047 10,047 10,047 
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)87,157 93,210 87,236 93,543 
Class B Common Stock weighted average shares outstanding – diluted10,188 10,194 10,188 10,194 
Second QuarterFirst Half
(in thousands, except per share data)2025202420252024
Basic net income per share:
Common Stock$2.15 $1.86 $3.34 $3.63 
Class B Common Stock$2.15 $1.86 $3.34 $3.62 
Diluted net income per share:
Common Stock$2.15 $1.85 $3.34 $3.62 
Class B Common Stock$2.15 $1.85 $3.33 $3.59 

NOTES TO TABLE

(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.
(2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.
(3)For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of unvested performance shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.
(4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of unvested performance shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share.
(5)The Company did not have anti-dilutive unvested performance shares for any periods presented.
(6)On March 4, 2025, the Company announced that its Board of Directors had approved the Stock Split of Common Stock and Class B Common Stock. The Stock Split was effected through the Amendment. The Amendment also effected a proportionate increase in the number of authorized shares of Common Stock and Class B Common Stock. The Amendment obtained stockholder approval at the Company’s 2025 Annual Meeting of Stockholders, which took place on May 13, 2025. Each stockholder of record as of the close of business on May 16, 2025 received nine additional shares for each share of Common Stock or Class B Common Stock held as of such date reflected in the stockholder’s account on May 23, 2025. Trading began on a split-adjusted basis on May 27, 2025. All share or per share amounts reflected above have been retroactively adjusted to reflect the effects of the Stock Split.
(7)On August 20, 2024, the Company announced that its Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of Common Stock. The share repurchase authorization is discretionary and has no expiration date. There were 291,930 split-adjusted shares of Common Stock repurchased under the share repurchase program during the second quarter of 2025. Refer to “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” for further details related to the share repurchase program.