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Net Income Per Share | 6 Months Ended
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Feb. 27, 2021
Net Income Per Share [Abstract] |
Net Income Per Share | Note 3: Net Income per Share In prior periods, the Company’s non-vested restricted stock awards contained non-forfeitable rights to dividends and met the criteria of a participating security as defined by Accounting Standards Codification (“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. The presentation of basic and diluted earnings per share is required only for each class of common stock and not for participating securities with respect to prior periods. As such, the Company presents basic and diluted earnings per share for its common stock. The dilutive effect of participating securities for prior periods is calculated using the more dilutive of the treasury stock or the two-class method. For the twenty-six-week period ended February 29, 2020, the Company had determined the two-class method to be the more dilutive. As such, the earnings allocated to common stock shareholders in the basic earnings per share calculation was adjusted for the reallocation of undistributed earnings to participating securities to arrive at the earnings allocated to common stock shareholders for calculating the diluted earnings per share. For the thirteen- and twenty-six-week periods ended February 27, 2021 and for the thirteen- week period ended February 29, 2020, the Company used the treasury stock method, as the Company discontinued its grants of these participating securities in fiscal year 2015 and the remaining restricted stock awards vested in March 2020. The following table sets forth the computation of basic and diluted net income per common share under the treasury stock method for the thirteen and twenty-six weeks ended February 27, 2021 and the thirteen weeks ended February 20, 2020 and under the two-class method for the twenty-six weeks ended February 29, 2020:
|  | Thirteen Weeks Ended |  | Twenty-Six Weeks Ended
|  | February 27, |  | February 29, |  | February 27, |  | February 29,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Net income attributable to MSC Industrial as reported |  | $ | 18,085 |  | $ | 55,500 |  | $ | 56,539 |  | $ | 120,918
Less: Distributed net income available to participating securities |  |  | — |  |  | — |  |  | — |  |  | (24)
Less: Undistributed net income available to participating securities |  |  | — |  |  | — |  |  | — |  |  | —
Numerator for basic net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed and distributed net income available to common shareholders |  | $ | 18,085 |  | $ | 55,500 |  | $ | 56,539 |  | $ | 120,894
Add: Undistributed net income allocated to participating securities |  |  | — |  |  | — |  |  | — |  |  | —
Less: Undistributed net income reallocated to participating securities |  |  | — |  |  | — |  |  | — |  |  | —
Numerator for diluted net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed and distributed net income available to common shareholders |  | $ | 18,085 |  | $ | 55,500 |  | $ | 56,539 |  | $ | 120,894
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding for basic net income per share |  |  | 55,838 |  |  | 55,467 |  |  | 55,749 |  |  | 55,371
Effect of dilutive securities |  |  | 295 |  |  | 120 |  |  | 270 |  |  | 174
Weighted-average shares outstanding for diluted net income per share |  |  | 56,133 |  |  | 55,587 |  |  | 56,019 |  |  | 55,545
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.32 |  | $ | 1.00 |  | $ | 1.01 |  | $ | 2.18
Diluted |  | $ | 0.32 |  | $ | 1.00 |  | $ | 1.01 |  | $ | 2.18
Potentially dilutive securities |  |  | 324 |  |  | 1,096 |  |  | 933 |  |  | 1,447
Potentially dilutive securities attributable to outstanding stock options and restricted stock 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 the Company’s Class A 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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