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Note 6 - Net Income Per Share | 9 Months Ended
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May 31, 2014
Earnings Per Share [Abstract] |
Earnings Per Share [Text Block] | 6.Net Income Per Share The Company calculates net income per share in accordance with US GAAP, which requires the Company to allocate income to its unvested participating securities as part of its earnings per share (“EPS”) calculations. The following table sets forth the computation of basic earnings per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data):
|  | Thirteen weeks ended |  |  | Thirty-nine weeks ended |
|  | May 31, 2014 |  |  | May 25, 2013 |  |  | May 31, 2014 |  |  | May 25, 2013 |
Net income |  | $ | 30,944 |  |  | $ | 28,722 |  |  | $ | 91,053 |  |  | $ | 86,124 |
Allocation of net income for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 24,493 |  |  | $ | 22,638 |  |  | $ | 71,971 |  |  | $ | 67,793 |
Class B Common Stock |  |  | 6,127 |  |  |  | 5,647 |  |  |  | 17,962 |  |  |  | 16,880 |
Unvested participating shares |  |  | 324 |  |  |  | 437 |  |  |  | 1,120 |  |  |  | 1,451 |
|  | $ | 30,944 |  |  | $ | 28,722 |  |  | $ | 91,053 |  |  | $ | 86,124 |
Weighted average number of shares for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  | 15,102 |  |  |  | 14,993 |  |  |  | 15,069 |  |  |  | 14,960 |
Class B Common Stock |  |  | 4,722 |  |  |  | 4,675 |  |  |  | 4,701 |  |  |  | 4,656 |
Unvested participating shares |  |  | 229 |  |  |  | 331 |  |  |  | 268 |  |  |  | 366 |
|  |  | 20,053 |  |  |  | 19,999 |  |  |  | 20,038 |  |  |  | 19,982 |
Earnings per share for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 1.62 |  |  | $ | 1.51 |  |  | $ | 4.78 |  |  | $ | 4.53 |
Class B Common Stock |  | $ | 1.30 |  |  | $ | 1.21 |  |  | $ | 3.82 |  |  | $ | 3.63 |
The Company is required to calculate diluted EPS for Common Stock using the more dilutive of the following two methods:
| • |  | The treasury stock method; or
| • |  | The two-class method assuming a participating security is not exercised or converted.
For the thirteen and thirty-nine weeks ended May 31, 2014, the Company’s diluted EPS assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen and thirty-nine weeks ended May 31, 2014 as follows (in thousands, except per share data):
|  | Thirteen weeks ended May 31, 2014 |  |  | Thirty-nine weeks ended May 31, 2014 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
As reported - Basic |  | $ | 24,493 |  |  |  | 15,102 |  |  | $ | 1.62 |  |  | $ | 71,971 |  |  |  | 15,069 |  |  | $ | 4.78 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 153 |  |  |  |  |  |  |  | — |  |  |  | 151 |  |  |  |  |
Class B Common Stock |  |  | 6,127 |  |  |  | 4,722 |  |  |  |  |  |  |  | 17,962 |  |  |  | 4,701 |  |  |  |  |
Add: Undistributed earnings allocated to unvested participating shares |  |  | 317 |  |  |  | — |  |  |  |  |  |  |  | 1,095 |  |  |  | — |  |  |  |  |
Less: Undistributed earnings reallocated to unvested participating shares |  |  | (300 | ) |  |  | — |  |  |  |  |  |  |  | (1,036 | ) |  |  | — |  |  |  |  |
Diluted EPS – Common Stock |  | $ | 30,637 |  |  |  | 19,977 |  |  | $ | 1.53 |  |  | $ | 89,992 |  |  |  | 19,921 |  |  | $ | 4.52 |
Share-based awards that would result in the issuance of 168 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended May 31, 2014 because they were anti-dilutive. Share-based awards that would result in the issuance of 193 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirty-nine weeks ended May 31, 2014 because they were anti-dilutive. For the thirteen and thirty-nine weeks ended May 25, 2013, the Company’s diluted EPS assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen and thirty-nine weeks ended May 25, 2013 as follows (in thousands, except per share data):
|  | Thirteen weeks ended May 25, 2013 |  |  | Thirty-nine weeks ended May 25, 2013 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
As reported - Basic |  | $ | 22,638 |  |  |  | 14,993 |  |  | $ | 1.51 |  |  | $ | 67,793 |  |  |  | 14,960 |  |  | $ | 4.53 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 152 |  |  |  |  |  |  |  | — |  |  |  | 135 |  |  |  |  |
Class B Common Stock |  |  | 5,647 |  |  |  | 4,675 |  |  |  |  |  |  |  | 16,880 |  |  |  | 4,656 |  |  |  |  |
Add: Undistributed earnings allocated to unvested participating shares |  |  | 426 |  |  |  | — |  |  |  |  |  |  |  | 1,415 |  |  |  | — |  |  |  |  |
Less: Undistributed earnings reallocated to unvested participating shares |  |  | (404 | ) |  |  | — |  |  |  |  |  |  |  | (1,341 | ) |  |  | — |  |  |  |  |
Diluted EPS – Common Stock |  | $ | 28,307 |  |  |  | 19,820 |  |  | $ | 1.43 |  |  | $ | 84,747 |  |  |  | 19,751 |  |  | $ | 4.29 |
Share-based awards that would result in the issuance of 27,347 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended May 25, 2013 because they were anti-dilutive. There were no share-based awards that were excluded from the calculation of diluted earnings per share for the thirty-nine weeks ended May 25, 2013 because they were anti-dilutive.

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