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Net Income Per Share
 12 Months Ended
Aug. 29, 2015
Net Income Per Share [Abstract]  
Net Income Per Share

4. 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 ASC 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. 

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the fiscal years ended August 29, 2015,  August 30, 2014 and August 31, 2013, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Fiscal Years Ended

 

 

August 29,

 

August 30,

 

August 31,

 

 

2015

 

2014

 

2013

 

 

(52 weeks)

 

(52 weeks)

 

(52 weeks)

 

 

 

 

 

 

 

 

 

 

Net income as reported

 

$
231,308 

 

$
236,067 

 

$
237,995 

Less: Distributed net income available to participating securities

 

 
(1,350)

 

 
(481)

 

 
(492)

Less: Undistributed net income available to participating securities

 

 

 —

 

 
(1,146)

 

 
(1,289)

 

 

 

 

 

 

 

 

 

 

Numerator for basic net income per share:

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$
229,958 

 

$
234,440 

 

$
236,214 

Add: Undistributed net income allocated to participating securities

 

 

 —

 

 
1,146 

 

 
1,289 

Less: Undistributed net income reallocated to participating securities

 

 

 —

 

 
(1,140)

 

 
(1,283)

 

 

 

 

 

 

 

 

 

 

Numerator for diluted net income per share:

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$
229,958 

 

$
234,446 

 

$
236,220 

   

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 
61,292 

 

 
62,026 

 

 
62,695 

Effect of dilutive securities

 

 
195 

 

 
313 

 

 
316 

Weighted average shares outstanding for diluted net income per share

 

 
61,487 

 

 
62,339 

 

 
63,011 

 

 

 

 

 

 

 

 

 

 

Net income per share Two-class method:

 

 

 

 

 

 

 

 

 

Basic

 

$
3.75 

 

$
3.78 

 

$
3.77 

Diluted

 

$
3.74 

 

$
3.76 

 

$
3.75 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive stock options of 678 were not included in the computation of diluted earnings per share for the fiscal year ended August 29, 2015. There were no antidilutive stock options included in the computation of diluted earnings per share for the fiscal years ended August 30, 2014 and August 31, 2013.