Net Income Per Share

9 Months Ended

May 28, 2016

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 methodfor the thirteen and thirty-nine weeks ended May 28, 2016 and May 30, 2015, respectively:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	May 28,		May 30,		May 28,		May 30,
	2016		2015		2016		2015
Net income as reported	$	64,816	$	63,342	$	169,370	$	172,286
Less: Distributed net income available to participating securities		(81)		(101)		(251)		(1,439)
Less: Undistributed net income available to participating securities		(170)		(258)		(442)		—
Numerator for basic net income per share:
Undistributed and distributed net income available to common shareholders	$	64,565	$	62,983	$	168,677	$	170,847
Add: Undistributed net income allocated to participating securities		170		258		442		—
Less: Undistributed net income reallocated to participating securities		(170)		(257)		(441)		—
Numerator for diluted  net income per share:
Undistributed and distributed net income available to common shareholders	$	64,565	$	62,984	$	168,678	$	170,847
Denominator:
Weighted average shares outstanding for basic net income per share		61,133		61,287		61,206		61,294
Effect of dilutive securities		236		137		158		216
Weighted average shares outstanding for diluted net income per share		61,369		61,424		61,364		61,510
Net income per share Two-class method:
Basic	$	1.06	$	1.03	$	2.76	$	2.79
Diluted	$	1.05	$	1.03	$	2.75	$	2.78

Antidilutive stock options of 639 and 1,009were not included in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended May 28, 2016.Antidilutive stock options of 741 and 736were not included in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended May 30, 2015.