Shareholders' Equity

6 Months Ended

Mar. 02, 2013

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 7. Shareholders' Equity

The Company paid cash dividends of $37,855 for the twenty-six weeks ended March 2, 2013. For the twenty-six weeks ended February 25, 2012, the Company paid cash dividends of $31,522. On December 6, 2012, the Board of Directors declared an accelerated quarterly cash dividend of $0.30 per share payable on December 27, 2012 to shareholders of record at the close of business on December 17, 2012. This accelerated quarterly dividend was intended to be in lieu of the quarterly dividend which would have been payable in January 2013. This dividend resulted in a payout of $18,948.

On April 4, 2013, the Board of Directors declared a dividend of $0.30 per share payable on April 30, 2013 to shareholders of record at the close of business on April 16, 2013. The dividend will result in a payout of approximately $18,988, based on the number of shares outstanding at April 4, 2013.

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. As of March 2, 2013 the maximum number of shares that may yet be repurchased under the Repurchase Plan was 4,384 shares. In addition, during the twenty-six week period ending March 2, 2013, the Company repurchased 50 shares of its Class A common stock for $3,629, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. These shares were repurchased by the Company to satisfy the Company's associates' tax withholding liability associated with its shares based compensation program.