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Net Income Per Share
 3 Months Ended
Nov. 28, 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. 

 

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the thirteen weeks ended November 28, 2015 and November 29, 2014, respectively:

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

 

November 28,

 

November 29,

 

 

2015

 

2014

 

 

 

 

 

 

 

Net income as reported

 

$
55,029 

 

$
57,417 

Less: Distributed net income available to participating securities

 

 
(89)

 

 
(1,238)

Less: Undistributed net income available to participating securities

 

 
(163)

 

 

 —

Numerator for basic net income per share:

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$
54,777 

 

$
56,179 

  Add: Undistributed net income allocated to participating securities

 

 
163 

 

 

 —

Less: Undistributed net income reallocated to participating securities

 

 
(162)

 

 

 —

 

 

 

 

 

 

 

Numerator for diluted  net income per share:

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$
54,778 

 

$
56,179 

   

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 
61,296 

 

 
61,246 

Effect of dilutive securities

 

 
112 

 

 
296 

Weighted average shares outstanding for diluted net income per share

 

 
61,408 

 

 
61,542 

 

 

 

 

 

 

 

Net income per share Two-class method:

 

 

 

 

 

 

Basic

 

$
0.89 

 

$
0.92 

Diluted

 

$
0.89 

 

$
0.91 

 

Antidilutive stock options of 1,058 were not included in the computation of diluted earnings per share for the thirteen week period ended November 28, 2015.  There were no antidilutive stock options excluded from the computation of diluted earnings per share for the thirteen week period ended November 29, 2014.