Shareholders' Equity

9 Months Ended

Jun. 01, 2013

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 8. Shareholders' Equity

The Company paid cash dividends of $56,843 for the thirty-nine weeks ended June 1, 2013. For the thirty-nine weeks ended May 26, 2012, the Company paid cash dividends of $47,341.

On June 24, 2013, the Board of Directors declared a dividend of $0.30 per share payable on July 23, 2013 to shareholders of record at the close of business on July 9, 2013. This dividend will result in an estimated payout of approximately $19,017 based on the number of shares outstanding at July 2, 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 June 1, 2013 the maximum number of shares that may yet be repurchased under the Repurchase Plan was 4,384 shares. In addition, during the thirty-nine week period ending June 1, 2013, the Company repurchased 51 shares of its Class A common stock for $72.16, 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 share-based compensation program.