Shareholders' Equity

9 Months Ended

Jun. 03, 2017

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 6. Shareholders’ Equity

The Company paid cash dividends of  $1.35 per common share totaling $76,632 for the thirty-nine weeks ended June 3, 2017. For the thirty-nine weeks ended May 28, 2016, the Company paid cash dividends of $1.29 per common share totaling $79,351. On July 7, 2017, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on August 1, 2017  to shareholders of record at the close of business on July 18, 2017. The dividend will result in a payout of approximately $25,629, based on the number of shares outstanding at June 30, 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 suchamounts as it deems appropriate in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the thirty-nine  week period ended June 3, 2017, the Company repurchased 42 shares of its Class A common stock for $3,080, 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.