6. Accrued Dividends Payable and Dividends per Common Share

We make an accrual of dividends payable at the end of each quarter according to the Company's dividend policy. According to the dividend policy, the Company pays a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income computed in accordance with generally accepted accounting principles in an amount equal to one-third (1/3) of such quarterly income. Dividends are paid to shareholders of record as of the 60th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company will pay dividends to shareholders of record on the 70th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income, the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid. The amount of the accrual appears on the Condensed Consolidated Balance Sheets as "Accrued dividends payable."

On our condensed consolidated statement of operations, we determine dividends per common share in accordance with the computation in the following table (shares in thousands):


	13 Weeks Ended				39 Weeks Ended
	February 25, 2012		February 26, 2011		February 25, 2012		February 26, 2011
	February 25, 2012		February 26, 2011		February 25, 2012		February 26, 2011		Net income attributable to Cal-Maine Foods, Inc.	$	26,102	$	33,619	$	52,479	$	53,568
1/3 of Net income attributable to Cal-Maine Foods, Inc.		8,701		11,206		17,493		17,856

Accrued dividends payable**		8,701		11,206		—		—

Average Common stock outstanding (shares)		21,474		21,461		21,471		21,452
Average Class A common stock outstanding (shares)		2,400		2,400		2,400		2,400
Total average common stock outstanding (shares)		23,874		23,861		23,871		23,852

Dividends per common share*	$	0.364	$	0.470	$	0.733	$	0.749

*Dividends per common share = 1/3 of Net income attributable to Cal-Maine Foods, Inc. ÷ Total common stock outstanding (shares) ** Accrued dividends payable is calculated based on the net income for the applicable 13-week period