NEW JERSEY
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22-1576170
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(State or other jurisdiction of incorporation or organization)
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(I. R. S. Employer Identification No.)
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733 MOUNTAIN AVENUE, SPRINGFIELD, NEW JERSEY
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07081
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(Address of principal executive offices)
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(Zip Code)
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(973) 467-2200
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(Registrant's telephone number, including area code)
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Large accelerated filer □
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Accelerated filer S
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Non-accelerated filer □ (Do not check if a smaller reporting company)
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Smaller reporting company □
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December 6, 2011
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Class A Common Stock, No Par Value
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7,317,610 Shares
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Class B Common Stock, No Par Value
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6,362,390 Shares
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PART I
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PAGE NO.
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FINANCIAL INFORMATION
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||
Item 1.
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Financial Statements (Unaudited)
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Consolidated Condensed Balance Sheets
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3
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Consolidated Condensed Statements of Operations
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4
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Consolidated Condensed Statements of Cash Flows
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5
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Notes to Consolidated Condensed Financial Statements
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6-8
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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9-15
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Item 3.
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Quantitative & Qualitative Disclosures about Market Risk
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15
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Item 4.
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Controls and Procedures
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15
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PART II
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OTHER INFORMATION
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||
Item 6.
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Exhibits
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16
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Signatures
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16
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Item 1. Financial Statements
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||||||||
VILLAGE SUPER MARKET, INC.
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||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
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||||||||
(In Thousands) (unaudited)
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||||||||
October 29,
2011
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July 30,
2011
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|||||||
ASSETS
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$ | 89,321 | $ | 91,362 | ||||
Merchandise inventories
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39,857 | 38,547 | ||||||
Patronage dividend receivable
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12,380 | 9,018 | ||||||
Other current assets
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15,616 | 13,407 | ||||||
Total current assets
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157,174 | 152,334 | ||||||
Note receivable from Wakefern
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19,856 | 19,512 | ||||||
Property, equipment and fixtures, net
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176,113 | 174,530 | ||||||
Investment in Wakefern
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22,730 | 22,461 | ||||||
Goodwill
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10,605 | 10,605 | ||||||
Other assets
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6,632 | 6,748 | ||||||
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$ | 393,110 | $ | 386,190 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
Current liabilities
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||||||||
Current portion of capital and financing lease obligations
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$ | --- | $ | --- | ||||
Current portion of notes payable to Wakefern
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1,029 | 487 | ||||||
Accounts payable to Wakefern
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53,182 | 55,409 | ||||||
Accounts payable and accrued expenses
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33,510 | 34,111 | ||||||
Income taxes payable
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21,144 | 17,879 | ||||||
Total current liabilities
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108,865 | 107,886 | ||||||
Capital and financing lease obligations
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40,624 | 40,570 | ||||||
Notes payable to Wakefern
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2,150 | 2,577 | ||||||
Other liabilities
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26,712 | 27,000 | ||||||
Commitments and contingencies
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||||||||
Shareholder's Equity
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||||||||
Class A common stock - no par value, issued 7,847 shares at October 29, 2011 and 7,833 shares at July 30, 2011
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36,191 | 35,385 | ||||||
Class B common stock - no par value, issued and outstanding 6,362 shares at October 29, 2011 and 6,376 shares at July 30, 2011
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1,032 | 1,035 | ||||||
Retained earnings
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193,277 | 187,686 | ||||||
Accumulated other comprehensive loss
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(10,943 | ) | (11,142 | ) | ||||
Less cost of Class A treasury shares (529 at October 29, 2011 and 530 at July 30, 2011)
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(4,798 | ) | (4,807 | ) | ||||
Total shareholders’ equity
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214,759 | 208,157 | ||||||
$ | 393,110 | $ | 386,190 | |||||
See accompanying Notes to Consolidated Condensed Financial Statements
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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
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||||||||
(in Thousands except Per Share Amounts) (Unaudited)
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||||||||
13 Weeks
Ended
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13 Weeks
Ended
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|||||||
October 29,
2011
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October 30,
2010
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|||||||
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||||||||
Sales
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$ | 342,737 | $ | 307,397 | ||||
Cost of sales
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249,861 | 226,470 | ||||||
Gross profit
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92,876 | 80,927 | ||||||
Operating and administrative expense
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75,901 | 69,077 | ||||||
Depreciation and amortization
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4,773 | 4,536 | ||||||
Operating income
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12,202 | 7,314 | ||||||
Interest expense
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(1,184 | ) | (1,068 | ) | ||||
Interest income
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625 | 524 | ||||||
Income before income taxes
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11,643 | 6,770 | ||||||
Income taxes
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4,907 | 2,836 | ||||||
Net income
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$ | 6,736 | $ | 3,934 | ||||
Net income per share:
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||||||||
Class A common stock:
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||||||||
Basic
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$ | .59 | $ | .35 | ||||
Diluted
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$ | .49 | $ | .29 | ||||
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||||||||
Class B common stock:
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||||||||
Basic
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$ | .38 | $ | .23 | ||||
Diluted
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$ | .38 | $ | .23 | ||||
See accompanying Notes to Consolidated Condensed Financial Statements.
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
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(in Thousands) (Unaudited)
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||||||||
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13 Wks.
Ended
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13 Wks.
Ended
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||||||
October 29,
2011
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October 30,
2010
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net income
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$ | 6,736 | $ | 3,934 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
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4,773 | 4,536 | ||||||
Deferred taxes
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(960 | ) | (536 | ) | ||||
Provision to value inventories at LIFO
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360 | 75 | ||||||
Non-cash share-based compensation
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797 | 684 | ||||||
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||||||||
Changes in assets and liabilities:
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Merchandise inventories
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(1,670 | ) | (220 | ) | ||||
Patronage dividend receivable
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(3,362 | ) | (3,091 | ) | ||||
Accounts payable to Wakefern
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(2,227 | ) | (2,833 | ) | ||||
Accounts payable and accrued expenses
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(601 | ) | (1,165 | ) | ||||
Income taxes payable
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3,265 | 3,228 | ||||||
Other assets and liabilities
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(1,322 | ) | 72 | |||||
Net cash provided by operating activities
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5,789 | 4,684 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
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Capital expenditures
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(6,257 | ) | (2,456 | ) | ||||
Investment in notes receivable from Wakefern
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(344 | ) | (321 | ) | ||||
Net cash used in investing activities
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(6,601 | ) | (2,777 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||
Proceeds from exercise of stock options
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11 | 157 | ||||||
Excess tax benefit related to share-based compensation
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5 | 113 | ||||||
Principal payments of long-term debt
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(100 | ) | (28 | ) | ||||
Dividends
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(1,145 | ) | (2,793 | ) | ||||
Net cash used in financing activities
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(1,229 | ) | (2,551 | ) | ||||
NET DECREASE IN CASH AND
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CASH EQUIVALENTS
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(2,041 | ) | (644 | ) | ||||
CASH AND CASH EQUIVALENTS,
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||||||||
BEGINNING OF PERIOD
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91,362 | 69,043 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | 89,321 | $ | 68,399 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR:
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Interest
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$ | 1,184 | $ | 1,068 | ||||
Income taxes
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$ | 2,597 | $ | 31 | ||||
NONCASH SUPPLEMENTAL DISCLOSURES:
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Investment in Wakefern
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$ | 269 | $ | 613 | ||||
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See accompanying Notes to Consolidated Condensed Financial Statements.
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13 Weeks Ended
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October 29, 2011
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Class A
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Class B
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Numerator:
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Net income allocated, basic
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$ | 4,128 | $ | 2,435 | ||||
Conversion of Class B to Class A shares
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2,435 | --- | ||||||
Effect of share-based compensation on allocated net income
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24 | (10 | ) | |||||
Net income allocated, diluted
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$ | 6,587 | $ | 2,425 | ||||
Denominator:
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||||||||
Weighted average shares outstanding, basic
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7,017 | 6,373 | ||||||
Conversion of Class B to Class A shares
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6,373 | --- | ||||||
Dilutive effect of share-based compensation
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59 | --- | ||||||
Weighted average shares outstanding, diluted
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13,449 | 6,373 | ||||||
13 Weeks Ended
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October 30, 2010
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Class A
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Class B
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Numerator:
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Net income allocated, basic
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$ | 2,385 | $ | 1,459 | ||||
Conversion of Class B to Class A shares
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1,459 | --- | ||||||
Effect of share-based compensation on allocated net income
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4 | (4 | ) | |||||
Net income allocated, diluted
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$ | 3,848 | $ | 1,455 | ||||
Denominator:
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||||||||
Weighted average shares outstanding, basic
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6,776 | 6,376 | ||||||
Conversion of Class B to Class A shares
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6,376 | --- | ||||||
Dilutive effect of share-based compensation
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106 | --- | ||||||
Weighted average shares outstanding, diluted
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13,258 | 6,376 |
13 Weeks
Ended
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13 Weeks
Ended
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|||||||
October 29,
2011
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October 30,
2010
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Service cost
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$ | 664 | $ | 724 | ||||
Interest cost on projected benefit obligations
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678 | 633 | ||||||
Expected return on plan assets
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(631 | ) | (510 | ) | ||||
Amortization of gains and losses
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330 | 390 | ||||||
Amortization of prior service costs
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2 | 2 | ||||||
Net Periodic pension cost
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$ | 1,043 | $ | 1,239 |
13 Weeks Ended
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||||||||
October 29,
2011
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October 30,
2010
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Sales
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100.00 | % | 100.00 | % | ||||
Cost of sales
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72.90 | 73.67 | ||||||
Gross profit
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27.10 | 26.33 | ||||||
Operating and administrative expense
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22.15 | 22.47 | ||||||
Depreciation and amortization
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1.39 | 1.48 | ||||||
Operating income
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3.56 | 2.38 | ||||||
Interest expense
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(.34 | ) | (.35 | ) | ||||
Interest income
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.18 | .17 | ||||||
Income before taxes
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3.40 | 2.20 | ||||||
Income taxes
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1.43 | 0.92 | ||||||
Net income
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1.97 | % | 1.28 | % |
· | We expect same store sales to increase from 4.0% to 6.0% in fiscal 2012 with larger increases in the first half of the year. The impacts of inflation and the competitive store closings that occurred during fiscal 2011 are expected to moderate in the second half of fiscal 2012. |
·
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During fiscal 2011 and the first quarter of fiscal 2012, the supermarket industry was impacted by changing consumer behavior due to the weak economy and high unemployment. Consumers are increasingly cooking meals at home, but spending cautiously by trading down to lower priced items, including private label, and concentrating their buying on sale items. Management expects these trends to continue at least through fiscal 2012.
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·
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We expect retail price inflation in fiscal 2012, with larger increases in the first half of the year.
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·
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We have budgeted $20,000 for capital expenditures in fiscal 2012. This amount includes the beginning of construction of two replacement stores, several small remodels and solar panels for one store.
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·
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On December 28, 2010, the Company paid special dividends of $14,005. The Board of Directors declared these dividends to provide a return to shareholders in 2010, instead of 2011, while tax rates on dividends remained low. This action was taken before the 15% tax rate was extended. The Board’s current intention is to pay quarterly dividends in 2011 in a range of $.06 - $.12 per Class A share ($.039 - $.078 per Class B share). The Board will reconsider dividend policy and other methods of providing returns to shareholders in 2012 based on a variety of factors, including tax rates on dividends and capital gains in effect at that time.
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·
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We believe cash flow from operations and other sources of liquidity will be adequate to meet anticipated requirements for working capital, capital expenditures and debt payments for the foreseeable future.
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·
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We expect our effective income tax rate in fiscal 2012 to be 41.5% - 42.5%.
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·
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We expect operating expenses will be affected by increased costs in certain areas, such as medical and pension costs.
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·
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The supermarket business is highly competitive and characterized by narrow profit margins. Results of operations may be materially adversely impacted by competitive pricing and promotional programs, industry consolidation and competitor store openings. Village competes with national and regional supermarkets, local supermarkets, warehouse club stores, supercenters, drug stores, convenience stores, dollar stores, discount merchandisers, restaurants and other local retailers. Some of these competitors have greater financial resources, lower merchandise acquisition cost and lower operating expenses than we do.
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·
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The Company’s stores are concentrated in New Jersey, with one store in northeastern Pennsylvania and two in Maryland. We are vulnerable to economic downturns in New Jersey in addition to those that may affect the country as a whole. Economic conditions such as inflation, deflation, interest rates, energy costs and unemployment rates may adversely affect our sales and profits.
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·
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Village acquired two stores in July 2011 in Maryland, a new market for Village where the ShopRite name is less known than in New Jersey. As the Company begins operating in this new market, marketing and other costs will likely be higher than in established markets as Village attempts to build market share and brand awareness. In addition, sales for these two stores are initially expected to be lower than the typical Company store. Potentially higher costs and sales results lower than the Company’s expectations could have a material adverse effect on Village’s results of operations.
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·
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Village purchases substantially all of its merchandise from Wakefern. In addition, Wakefern provides the Company with support services in numerous areas including supplies, advertising, liability and property insurance, technology support and other store services. Further, Village receives patronage dividends and other product incentives from Wakefern. Any material change in Wakefern’s method of operation or a termination or material modification of Village’s relationship with Wakefern could have an adverse impact on the conduct of the Company’s business and could involve additional expense for Village. The failure of any Wakefern
member to fulfill its obligations to Wakefern or a member’s insolvency or withdrawal from Wakefern could result in increased costs to the Company. Additionally, an adverse change in Wakefern’s results of operations could have an adverse affect on Village’s results of operations.
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·
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Approximately 92% of our employees are covered by collective bargaining agreements. Any work stoppages could have an adverse impact on our financial results. If we are unable to control health care and pension costs provided for in the collective bargaining agreements, we may experience increased operating costs.
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·
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Village could be adversely affected if consumers lose confidence in the safety and quality of the food supply chain. The real or perceived sale of contaminated food products by us could result in a loss of consumer confidence and product liability claims, which could have a material adverse effect on our sales and operations.
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·
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On April 15, 2011, Village, along with all of the other individual employers trading as ShopRite, permanently withdrew from participating in the United Food and Commercial Workers Local 152 Retail Meat Pension Fund (“the Fund”), effective the end of April 2011. The Fund is a multi-employer defined benefit plan that includes other supermarket operators. Village, along with the other affiliated ShopRite operators, determined to withdraw from the Fund due to exposures to market risks associated with all defined benefit plans and the inability to partition ShopRite’s liabilities from those of the other participating supermarket operators. Village now provides
affected associates with a defined contribution plan for future service, which eliminates market risks and the exposure to shared liabilities of other operators, and is estimated to be less costly than the defined benefit plan in the future, while ensuring that our associates are provided a secure benefit. The Company recorded a pre-tax charge of $7,028 in fiscal 2011 for this withdrawal liability, which represents our estimate of the liability based on calculations provided by the Fund actuary. Village remains liable for potential additional withdrawal liabilities to the Fund in the event a mass withdrawal, as defined by statute, occurs within two plan years after the plan year of Village’s withdrawal. Such liabilities could be material to the Company’s consolidated financial statements.
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·
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Our effective tax rate may be impacted by the results of tax examinations and changes in tax laws, including the disputes with the state of New Jersey described in note 5 of the Company’s Annual report on Form 10-K for the year ended July 30, 2011.
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Item 6.
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Exhibits
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Exhibit 31.1
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Certification
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Exhibit 31.2
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Certification
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Exhibit 32.1
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Certification (furnished, not filed)
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Exhibit 32.2
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Certification (furnished, not filed)
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Exhibit 99.1
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Press Release dated December 7, 2011
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101.ins
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XBRL Instance
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101.xsd
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XBRL Schema
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101.cal
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XBRL Calculation
|
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101.def
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XBRL Definition
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101.lab
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XBRL Label
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101.pre
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XBRL Presentation
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.
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Village Super Market, Inc
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Registrant
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Date: December 7, 2011
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/s/ James Sumas
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James Sumas
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(Chief Executive Officer)
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Date: December 7, 2011
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/s/ Kevin R. Begley
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Kevin R. Begley
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(Chief Financial Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of Village Super Market, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: December 7, 2011
|
/s/ James Sumas
|
James Sumas
|
|
Chief Executive Officer
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1.
|
I have reviewed this quarterly report on Form 10-Q of Village Super Market, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: December 7, 2011
|
|
/s/ Kevin Begley
|
|
|
Kevin Begley
|
Chief Financial Officer & Principal Accounting Officer
|
Contact:
|
Kevin Begley, CFO
|
(973) 467-2200, Ext. 220
|
|
kevin.begley@wakefern.com
|
VILLAGE SUPER MARKET, INC.
|
||||||||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
|
||||||||
(in Thousands except Per Share Amounts) (Unaudited)
|
||||||||
13 Weeks
Ended
|
13 Weeks
Ended
|
|||||||
October 29,
2011
|
October 30,
2010
|
|||||||
|
||||||||
Sales
|
$ | 342,737 | $ | 307,397 | ||||
Cost of sales
|
249,861 | 226,470 | ||||||
Gross profit
|
92,876 | 80,927 | ||||||
Operating and administrative expense
|
75,901 | 69,077 | ||||||
Depreciation and amortization
|
4,773 | 4,536 | ||||||
Operating income
|
12,202 | 7,314 | ||||||
Interest expense
|
(1,184 | ) | (1,068 | ) | ||||
Interest income
|
625 | 524 | ||||||
Income before income taxes
|
11,643 | 6,770 | ||||||
Income taxes
|
4,907 | 2,836 | ||||||
Net income
|
$ | 6,736 | $ | 3,934 | ||||
Net income per share:
|
||||||||
Class A common stock:
|
||||||||
Basic
|
$ | .59 | $ | .35 | ||||
Diluted
|
$ | .49 | $ | .29 | ||||
|
||||||||
Class B common stock:
|
||||||||
Basic
|
$ | .38 | $ | .23 | ||||
Diluted
|
$ | .38 | $ | .23 | ||||
Gross profit as a % of sales
|
27.1 | % | 26.3 | % | ||||
Operating and administrative expense as a % of sales
|
22.1 | % | 22.5 | % |
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M,./@$*'90<'#PX`W)08P1%G"KJ]SYHJWW60&$+%OF@3^$N,-8\*',!Y9YQ*0
MDM``"M+,DY!08N1@"!DW%]H=0%S>DE+NC'D+SQ^=M#FN%I(U5`H9#2!)Q7P)
M:>6&!R(M_>&*."J`P+G8'+."@1_=PY0^0=:? DOL-\<'45.M.'
M(Y[8NG:P(@_N$.)?Q)\GP"!_\G]02P,$%`````@`+$N(/[ACXB#3!0``="0`
M`!(`'`!V;&=E82TR,#$Q,3`R.2YX')[/-XN7J1%80U-'6^:V??MQ0%QRR]0#+)
M"S9=\5H,*7,XQ:Y:`1+'NEXBS-*XE)]A&/XMPE^C)?1B'%&LL\#(LC>5NKV%
M""*%*!9BB1B'P1?&`N0\0,K$%3AI:Z,:8:0U,FV?8E:4K.3HPO]LY;Q29&3E
MD,((NH2"NH[6'4:J*NTARH#ENT6B0/AR*WM1!:=LC588[N"15]198W)P`'$Z
MON!4`<*X@CK%]^=9-T+A/A&F31"UMNY55Q+#S*C'2;W(,CHE-:C,\5,H0>UX,[`-1'D#T2["@AS"ME!:BYHI]HQ\/A8`TH64#JKP8>
MB!9_N/NQ$'+*1W1E$2M@4@M]HBT1QWE9S!?\L1YN3?A`BKB4;!0\,>0B0'D;
MX[T)<<*G7)Q_$X3]7SAYP`%0N&6'UVD%RD>J[53;+PYO!Q\)<9^1YTD@W?QL
M!3I;84ZUNZ(4QR]WW,JFM0("B9BGVEUQK`NH]/WLT/A:$,6N".O
Net income per share: basic & diluted
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Oct. 29, 2011
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Earnings Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | 4. The Company computes net income per share using the two-class method, an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, our Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than our Class B common stock, in accordance with the classes respective dividend rights. Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to shares of Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented.
Outstanding stock options to purchase Class A shares of 418 and 36 were excluded from the calculation of diluted net income per share at October 29, 2011 and October 30, 2010, respectively, as a result of their anti-dilutive effect. In addition, 293 and 256 non-vested restricted Class A shares, which are considered participating securities, and their allocated net income were excluded from the diluted net income per share calculation at October 29, 2011 and October 30, 2010, respectively, due to their anti-dilutive effect. |