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Net Income Per Share
 9 Months Ended
May. 30, 2015
Net Income Per Share [Abstract]  
Net Income Per Share

Note 2. Net Income per Share

The Company’s non-vested restricted stock awards contain non-forfeitable rights to dividends and meet the criteria of a participating security as defined by Accounting Standards Codification™ ("ASC") Topic 260, “Earnings Per Share”. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

 

 

May 30,

 

May 31,

 

May 30,

 

May 31,

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income as reported

 

$
63,342 

 

$
64,696 

 

$
172,286 

 

$
173,254 

Less: Distributed net income available to participating securities

 

 
(101)

 

 
(120)

 

 
(1,439)

 

 
(368)

Less: Undistributed net income available to participating securities

 

 
(258)

 

 
(327)

 

 

 —

 

 
(841)

Numerator for basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$
62,983 

 

$
64,249 

 

$
170,847 

 

$
172,045 

  Add: Undistributed net income allocated to participating securities

 

 
258 

 

 
327 

 

 

 —

 

 
841 

Less: Undistributed net income reallocated to participating securities

 

 
(257)

 

 
(325)

 

 

 —

 

 
(837)

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted  net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$
62,984 

 

$
64,251 

 

$
170,847 

 

$
172,049 

   

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 
61,287 

 

 
61,896 

 

 
61,294 

 

 
62,137 

Effect of dilutive securities

 

 
137 

 

 
316 

 

 
216 

 

 
310 

Weighted average shares outstanding for diluted net income per share

 

 
61,424 

 

 
62,212 

 

 
61,510 

 

 
62,447 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share Two-class method:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
1.03 

 

$
1.04 

 

$
2.79 

 

$
2.77 

Diluted

 

$
1.03 

 

$
1.03 

 

$
2.78 

 

$
2.76 

 

Antidilutive stock options of 741 and 736 were not included in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended May 30, 2015.  There were no antidilutive stock options excluded from the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended May 31, 2014.