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Net Income Per Share
 12 Months Ended
Sep. 02, 2017
Net Income Per Share [Abstract]  
Net Income Per Share

3. 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 ASC 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 fiscal years ended September 2, 2017,  September 3, 2016 and August 29, 2015, respectively:







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Fiscal Years Ended



 

September 2,

 

September 3,

 

August 29,



 

2017

 

2016

 

2015



 

(52 weeks)

 

(53 weeks)

 

(52 weeks)



 

 

 

 

 

 

 

 

 

Net income as reported

 

$

 231,431 

 

$

 231,216 

 

$

 231,308 

Less: Distributed net income available to participating securities

 

 

 (206)

 

 

 (308)

 

 

 (1,350)

Less: Undistributed net income available to participating securities

 

 

 (410)

 

 

 (601)

 

 

 —



 

 

 

 

 

 

 

 

 

Numerator for basic net income per share:

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$

 230,815 

 

$

 230,307 

 

$

 229,958 

Add: Undistributed net income allocated to participating securities

 

 

 410 

 

 

 601 

 

 

 —

Less: Undistributed net income reallocated to participating securities

 

 

 (408)

 

 

 (600)

 

 

 —



 

 

 

 

 

 

 

 

 

Numerator for diluted net income per share:

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$

 230,817 

 

$

 230,308 

 

$

 229,958 

    

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 

 56,591 

 

 

 60,908 

 

 

 61,292 

Effect of dilutive securities

 

 

 380 

 

 

 168 

 

 

 195 

Weighted average shares outstanding for diluted net income per share

 

 

 56,971 

 

 

 61,076 

 

 

 61,487 



 

 

 

 

 

 

 

 

 

Net income per share two-class method:

 

 

 

 

 

 

 

 

 

Basic

 

$

 4.08 

 

$

 3.78 

 

$

 3.75 

Diluted

 

$

 4.05 

 

$

 3.77 

 

$

 3.74 



 

 

 

 

 

 

 

 

 



There were no antidilutive stock options included in the computation of diluted earnings per share for the fiscal year ended September 2, 2017. Antidilutive stock options of 843 and 678 were not included in the computation of diluted earnings per share for the fiscal years ended September 3, 2016 and August 29, 2015.