Shareholders' Equity

6 Months Ended

Mar. 04, 2017

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 6. Shareholders’ Equity

The Company paid cash dividends of  $0.90 per common share totaling $51,010 for the twenty-six weeks ended March 4, 2017. For the twenty-six weeks ended February 27, 2016, the Company paid cash dividends of $0.86 per common share totaling $52,948. On March 30, 2017, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on May 2, 2017  to shareholders of record at the close of business on April 18, 2017. The dividend will result in a payout of approximately $25,622, based on the number of shares outstanding at March 23, 2017.

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 March 4, 2017, the Company repurchased 42 shares of its Class A common stock for $3,064, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. All of 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 March 4, 2017, the maximum number of shares that can be repurchased under the Repurchase Plan was 1,444 shares.