Shareholders' Equity

9 Months Ended

May. 30, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 6. Shareholders’ Equity

The Company paid cash dividends of $259,546 for the thirty-nine weeks ended May 30, 2015 which consisted of a special cash dividend and regular cash dividends of approximately $185,403 and$74,143, respectively. For the thirty-nine weeks ended May 31, 2014, the Company paid cash dividends of $62,010.  On June 23, 2015, the Board of Directors declared a quarterly cash dividend of $0.40 per share payable on July 28, 2015 to shareholders of record at the close of business on July 14, 2015.  The dividend will result in a payout of approximately $24,684, based on the number of shares outstanding at June 30, 2015.

The Board of Directors established the MSC Stock Repurchase Plan (the “Repurchase Plan”) which allows the Company to repurchase shares at any time and in any increments it deems appropriate in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the thirty-nine week period ended May 30, 2015, the Company repurchased 344 shares of its Class A common stock for $26,411, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. Approximately 112of these shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based compensation program. As of May 30, 2015, the maximum number of shares that can be repurchased under the Repurchase Plan was 1,843shares.