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Shareholders' Equity
3 Months Ended
Dec. 01, 2018
Shareholders' Equity [Abstract]  
Shareholders' Equity

Note 7. Shareholders’ Equity



The Company paid cash dividends of $0.63 per common share totaling $34,858 for the thirteen weeks ended December 1, 2018.  For the thirteen weeks ended December 2, 2017, the Company paid cash dividends of $0.48 per common share totaling $27,087. On December 18, 2018, the Board of Directors declared a quarterly cash dividend of $0.63 per share payable on January 22, 2019 to shareholders of record at the close of business on January 8, 2019. The dividend will result in a payout of approximately $34,849, based on the number of shares outstanding at December 18, 2018.

 

During the thirteen-week period ended December 1, 2018, the Company repurchased 778 shares of its Class A common stock for $63,527, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. Of these shares, 40 shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based compensation program.  



In July 2018, the Company announced that in connection with its existing share repurchase authorization (the “Repurchase Plan”), the Company had entered into a stock purchase agreement with the holders of the Company’s Class B common stock to purchase a pro rata number of shares, such that their aggregate percentage ownership in the Company would remain substantially the same. For the thirteen weeks ended December 1, 2018, the Company purchased 238 shares of its Class A common stock from certain of its Class B shareholders at a weighted average purchase price of $82.71 per share. This figure is included in the totals provided in the previous paragraph. All of these shares were immediately retired.



Shares of the Company’s common stock purchased pursuant to the stock purchase agreement, as well as shares purchased to satisfy the Company’s associates’ tax withholding liability associated with its share-based compensation program, did not reduce the number of shares that may be repurchased under the Repurchase Plan. The total number of shares of Class A common stock authorized for future repurchase was approximately 1,430 shares at December 1, 2018.  The Company reissued 13 shares of treasury stock during the thirteen-week period ended December 1, 2018 to fund the Associate Stock Purchase Plan.