Calculation of Earnings Per Share (Tables)

9 Months Ended

Feb. 26, 2022

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 were based on the following amounts (in thousands, except per share amounts):

	Three Months Ended
	February 26, 2022				February 27, 2021
	Basic		Diluted		Basic			Diluted
Numerator for Basic and Diluted EPS:
Net income	$	2,887	$	2,887	$	228		$	228
Less dividends:
Common stock		695		695		667			667
Class B common stock		111		111		113			113
Undistributed earnings (loss)	$	2,081	$	2,081	$	(552	)	$	(552	)
Common stock undistributed earnings (loss)	$	1,790	$	1,801	$	(472	)	$	(472	)
Class B common stock undistributed earnings (loss)		291		280		(80	)		(80	)
Total undistributed earnings (loss)	$	2,081	$	2,081	$	(552	)	$	(552	)
Denominator for Basic and Diluted EPS:
Common stock weighted average shares		11,497		11,497		11,111			11,111
Effect of dilutive securities
Dilutive stock options				530					72
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion				12,027					11,183
Class B commons stock weighted average shares and shares under if-converted method for diluted EPS		2,074		2,074		2,097			2,097
Net income per share:
Common stock	$	0.22	$	0.21	$	0.02		$	0.02
Class B common stock	$	0.19	$	0.19	$	0.02		$	0.02

Note: There were no common stock options that were antidilutive in the third quarter of fiscal 2022 and fiscal 2021.

	Nine Months Ended
	February 26, 2022				February 27, 2021
	Basic		Diluted		Basic			Diluted
Numerator for Basic and Diluted EPS:
Net income (loss)	$	9,644	$	9,644	$	(230	)	$	(230	)
Less dividends:
Common stock		2,047		2,047		2,000			2,000
Class B common stock		337		337		340			340
Undistributed earnings (loss)	$	7,260	$	7,260	$	(2,570	)	$	(2,570	)
Common stock undistributed earnings (loss)	$	6,226	$	6,257	$	(2,196	)	$	(2,196	)
Class B common stock undistributed earnings (loss)		1,034		1,003		(374	)		(374	)
Total undistributed earnings (loss)	$	7,260	$	7,260	$	(2,570	)	$	(2,570	)
Denominator for Basic and Diluted EPS:
Common stock weighted average shares		11,320		11,320		11,097			11,097
Effect of dilutive securities
Dilutive stock options				404					—
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion				11,724					11,097
Class B commons stock weighted average shares and shares under if-converted method for diluted EPS		2,089		2,089		2,097			2,097
Net income (loss) per share:
Common stock	$	0.73	$	0.71	$	(0.02	)	$	(0.02	)
Class B common stock	$	0.66	$	0.64	$	(0.02	)	$	(0.02	)

Note: There were no common stock options that were antidilutive in the first nine months of fiscal 2022. Common stock options that were anti-dilutive and not included in the diluted earnings per common share for the first nine months of fiscal 2021 were 1,300.