| Net Income Per Share |
Note 2. Net Income per Share
The following table sets forth the computation of basic and diluted net income per common share under the two-class method in accordance with Accounting Standards CodificationTM ("ASC") Topic 260, "Earnings Per Share":
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Thirteen Weeks Ended |
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Thirty-Nine Weeks Ended |
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June 1,
2013 |
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May 26,
2012 |
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June 1,
2013 |
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May 26,
2012 |
| Net income as reported |
|
$ |
62,354 |
|
|
$ |
70,211 |
|
|
$ |
181,620 |
|
|
$ |
190,116 |
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| Less: Distributed net income available to participating securities |
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|
(125 |
) |
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|
(95 |
) |
|
|
(365 |
) |
|
|
(253 |
) |
| Less: Undistributed net income available to participating securities |
|
|
(347 |
) |
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|
(472 |
) |
|
|
(991 |
) |
|
|
(1,288 |
) |
Numerator for basic net income per share:
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| Undistributed and distributed net income available to common shareholders |
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$ |
61,882 |
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$ |
69,644 |
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$ |
180,264 |
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|
$ |
188,575 |
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| Add: Undistributed net income allocated to participating securities |
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|
347 |
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|
|
472 |
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|
991 |
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|
|
1,288 |
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| Less: Undistributed net income reallocated to participating securities |
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|
(345 |
) |
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(469 |
) |
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(986 |
) |
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(1,280 |
) |
Numerator for diluted net income per share:
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| Undistributed and distributed net income available to common shareholders |
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$ |
61,884 |
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$ |
69,647 |
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|
$ |
180,269 |
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|
$ |
188,583 |
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Denominator:
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| Weighted average shares outstanding for basic net income per share |
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62,808 |
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|
|
62,651 |
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|
|
62,628 |
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|
|
62,517 |
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| Effect of dilutive securities |
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|
326 |
|
|
|
404 |
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|
|
319 |
|
|
|
379 |
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| Weighted average shares outstanding for diluted net income per share |
|
|
63,134 |
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|
|
63,055 |
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|
|
62,947 |
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|
|
62,896 |
|
Net income per share Two-class method:
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| Basic |
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$ |
0.99 |
|
|
$ |
1.11 |
|
|
$ |
2.88 |
|
|
$ |
3.02 |
|
| Diluted |
|
$ |
0.98 |
|
|
$ |
1.10 |
|
|
$ |
2.86 |
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|
$ |
3.00 |
|
There were no antidilutive stock options included in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended June 1, 2013 and May 26, 2012. |