Shareholders' Equity

6 Months Ended

Feb. 27, 2016

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 6. Shareholders’ Equity

The Company paid regular cash dividends of $0.86 per common share totaling $52,948 for the twenty-six weeks ended February 27, 2016. For the twenty-six weeks ended February 28, 2015, the Company paid cash dividends of $234,871 which consisted of a special cash dividend of $3.00 per common share and regular cash dividendsof $0.80 per common share totaling$185,403and$49,468, respectively.  On March 31, 2016, the Board of Directors declared a quarterly cash dividend of $0.43 per share payable on April 26, 2016 to shareholders of record at the close of business on April 12, 2016. The dividend will result in a payout of approximately $26,390, based on the number of shares outstanding at March 31, 2016.

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 twenty-six week period ended February 27, 2016, the Company repurchased 335 shares of its Class A common stock for $19,212, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. Approximately 36of 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 February 27, 2016, the maximum number of shares that can be repurchased under the Repurchase Plan was 1,444 shares.