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Net Income Per Share | 9 Months Ended
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May 30, 2020
Net Income Per Share [Abstract] |
Net Income Per Share | Note 3: Net Income per Share The Company’s non-vested restricted share awards (RSAs) contain non-forfeitable rights to dividends and meet the criteria of a participating security as defined by ASC Topic 260, “Earnings Per Share”. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. Effective in fiscal 2016, the Company discontinued its granting of RSAs and as of May 30, 2020 does not have any non-vested RSAs outstanding. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the thirteen and thirty-nine weeks ended May 30, 2020 and June 1, 2019, respectively:
|  | Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
|  | May 30, |  | June 1, |  | May 30, |  | June 1,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Net income attributable to MSC Industrial as reported |  | $ | 77,703 |  | $ | 79,601 |  | $ | 198,621 |  | $ | 222,257
Less: Distributed net income available to participating securities |  |  | — |  |  | (10) |  |  | (10) |  |  | (34)
Less: Undistributed net income available to participating securities |  |  | — |  |  | (19) |  |  | — |  |  | (66)
Numerator for basic net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed and distributed net income available to common shareholders |  | $ | 77,703 |  | $ | 79,572 |  | $ | 198,611 |  | $ | 222,157
Add: Undistributed net income allocated to participating securities |  |  | — |  |  | 19 |  |  | — |  |  | 66
Less: Undistributed net income reallocated to participating securities |  |  | — |  |  | (19) |  |  | — |  |  | (66)
Numerator for diluted net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed and distributed net income available to common shareholders |  | $ | 77,703 |  | $ | 79,572 |  | $ | 198,611 |  | $ | 222,157
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding for basic net income per share |  |  | 55,563 |  |  | 55,158 |  |  | 55,435 |  |  | 55,266
Effect of dilutive securities |  |  | 36 |  |  | 229 |  |  | 146 |  |  | 290
Weighted average shares outstanding for diluted net income per share |  |  | 55,599 |  |  | 55,387 |  |  | 55,581 |  |  | 55,556
Net income per share Two-class method: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.40 |  | $ | 1.44 |  | $ | 3.58 |  | $ | 4.02
Diluted |  | $ | 1.40 |  | $ | 1.44 |  | $ | 3.57 |  | $ | 4.00
Potentially dilutive securities |  |  | 1,933 |  |  | 1,093 |  |  | 1,417 |  |  | 939
Potentially dilutive securities attributable to outstanding stock options, restricted stock units, and performance share units are excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value are greater than the average market price of MSC common stock, and therefore their inclusion would be anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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