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Net Income Per Share
 6 Months Ended
Mar. 04, 2017
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 and twenty-six weeks ended March 4, 2017 and February 27, 2016, respectively:







 

 

 

 

 

 

 

 

 

 

 

 



 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended



 

March 4,

 

February 27,

 

March 4,

 

February 27,



 

2017

 

2016

 

2017

 

2016

Net income as reported

 

$

 53,559 

 

$

 49,525 

 

$

 107,847 

 

$

 104,554 

Less: Distributed net income available to participating securities

 

 

 (36)

 

 

 (80)

 

 

 (113)

 

 

 (169)

Less: Undistributed net income available to participating securities

 

 

 (84)

 

 

 (106)

 

 

 (199)

 

 

 (266)

Numerator for basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$

 53,439 

 

$

 49,339 

 

$

 107,535 

 

$

 104,119 

   Add: Undistributed net income allocated to participating securities

 

 

 84 

 

 

 106 

 

 

 199 

 

 

 266 

Less: Undistributed net income reallocated to participating securities

 

 

 (83)

 

 

 (106)

 

 

 (197)

 

 

 (265)



 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$

 53,440 

 

$

 49,339 

 

$

 107,537 

 

$

 104,120 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 

 56,620 

 

 

 61,187 

 

 

 56,500 

 

 

 61,242 

Effect of dilutive securities

 

 

 593 

 

 

 126 

 

 

 410 

 

 

 119 

Weighted average shares outstanding for diluted net income per share

 

 

 57,213 

 

 

 61,313 

 

 

 56,910 

 

 

 61,361 

Net income per share Two-class method:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 0.94 

 

$

 0.81 

 

$

 1.90 

 

$

 1.70 

Diluted

 

$

 0.93 

 

$

 0.80 

 

$

 1.89 

 

$

 1.70 



There were no antidilutive stock options included in the computation of diluted earnings per share for the thirteen and twenty-six-week periods ended March 4, 2017, respectively. Antidilutive stock options of 1,025 were not included in the computation of diluted earnings per share for the thirteen and twenty-six-week periods ended February 27, 2016.