Calculation of Earnings Per Share (Tables)

9 Months Ended

Mar. 02, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive income was based on the following amounts (in thousands, except per share amounts):

	Three Months Ended
	March 2, 2024						February 25, 2023
	Basic			Diluted			Basic		Diluted
Numerator for Basic and Diluted EPS:
Net income	$	750		$	750		$	6,340	$	6,340
Less dividends:
Common stock		733			733			724		724
Class B common stock		111			111			110		110
Undistributed (loss) earnings	$	(94	)	$	(94	)	$	5,506	$	5,506
Common stock undistributed (loss) earnings	$	(82	)	$	(82	)	$	4,774	$	4,805
Class B common stock undistributed (loss) earnings		(12	)		(12	)		732		701
Total undistributed (loss) earnings	$	(94	)	$	(94	)	$	5,506	$	5,506
Denominator for Basic and Diluted EPS:
Common stock weighted average shares		12,227			12,227			12,047		12,047
Effect of dilutive securities
Dilutive stock options					218					619
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion					12,445					12,666
Class B common stock weighted average shares and shares under if-converted method for diluted EPS		2,052			2,052			2,052		2,052
Net income per share:
Common stock	$	0.05		$	0.05		$	0.46	$	0.44
Class B common stock	$	0.05		$	0.05		$	0.41	$	0.40

Note: There were no common stock options that were antidilutive in the third quarter of fiscal 2024 and fiscal 2023.

	Nine Months Ended
	March 2, 2024						February 25, 2023
	Basic			Diluted			Basic		Diluted
Numerator for Basic and Diluted EPS:
Net income	$	180		$	180		$	18,213	$	18,213
Less dividends:
Common stock		2,199			2,199			2,152		2,152
Class B common stock		333			333			332		332
Undistributed (loss) earnings	$	(2,352	)	$	(2,352	)	$	15,729	$	15,729
Common stock undistributed (loss) earnings	$	(2,043	)	$	(2,049	)	$	13,614	$	13,707
Class B common stock undistributed (loss) earnings		(309	)		(303	)		2,115		2,022
Total undistributed (loss) earnings	$	(2,352	)	$	(2,352	)	$	15,729	$	15,729
Denominator for Basic and Diluted EPS:
Common stock weighted average shares		12,208			12,208			11,893		11,893
Effect of dilutive securities
Dilutive stock options					272					631
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion					12,480					12,524
Class B common stock weighted average shares and shares under if-converted method for diluted EPS		2,052			2,052			2,053		2,053
Net income per share:
Common stock	$	0.01		$	0.01		$	1.33	$	1.27
Class B common stock	$	0.01		$	0.01		$	1.19	$	1.15

Note: There were no common stock options that were antidilutive in the first nine months of fiscal 2024 and fiscal 2023.