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Note 7 - Net Income Per Share | 6 Months Ended
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Feb. 25, 2017
Notes to Financial Statements |
Earnings Per Share [Text Block] | 7. 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 |  |  | Twenty-six weeks ended |
|  | February 25, |  |  | February 27, |  |  | February 25, |  |  | February 27, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net income available to shareholders |  | $ | 22,516 |  |  | $ | 23,498 |  |  | $ | 50,730 |  |  | $ | 59,388 |
Allocation of net income for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 17,836 |  |  | $ | 18,691 |  |  | $ | 40,178 |  |  | $ | 47,232 |
Class B Common Stock |  |  | 4,518 |  |  |  | 4,704 |  |  |  | 10,184 |  |  |  | 11,896 |
Unvested participating shares |  |  | 162 |  |  |  | 103 |  |  |  | 368 |  |  |  | 260 |
|  | $ | 22,516 |  |  | $ | 23,498 |  |  | $ | 50,730 |  |  | $ | 59,388 |
Weighted average number of shares for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  | 15,305 |  |  |  | 15,241 |  |  |  | 15,295 |  |  |  | 15,230 |
Class B Common Stock |  |  | 4,846 |  |  |  | 4,795 |  |  |  | 4,846 |  |  |  | 4,795 |
Unvested participating shares |  |  | 139 |  |  |  | 96 |  |  |  | 140 |  |  |  | 95 |
|  |  | 20,290 |  |  |  | 20,132 |  |  |  | 20,281 |  |  |  | 20,120 |
Earnings per share for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 1.17 |  |  | $ | 1.23 |  |  | $ | 2.63 |  |  | $ | 3.10 |
Class B Common Stock |  | $ | 0.93 |  |  | $ | 0.98 |  |  | $ | 2.10 |  |  | $ | 2.48 |
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 twenty - six weeks ended February 25, 2017, 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 twenty - six weeks ended February 25, 2017 (in thousands, except per share data):
|  | Thirteen weeks ended February 25, 2017 |  |  | T wenty-six weeks ended February 25, 2017 |
|  | Earnings |  |  |  |  |  |  |  |  |  |  | Earnings |  |  |  |  |  |  |  |  |
|  | to Common |  |  | Common |  |  |  |  |  |  | to Common |  |  | Common |  |  |  |  |
|  | shareholders |  |  | Shares |  |  | EPS |  |  | shareholders |  |  | Shares |  |  | EPS |
As reported - Basic |  | $ | 17,836 |  |  |  | 15,305 |  |  | $ | 1.17 |  |  | $ | 40,178 |  |  |  | 15,295 |  |  | $ | 2.63 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-Based Awards |  |  | — |  |  |  | 112 |  |  |  |  |  |  |  | — |  |  |  | 109 |  |  |  |  |
Class B Common Stock |  |  | 4,518 |  |  |  | 4,846 |  |  |  |  |  |  |  | 10,184 |  |  |  | 4,846 |  |  |  |  |
Add: Undistributed earnings allocated to unvested participating shares |  |  | 158 |  |  |  | — |  |  |  |  |  |  |  | 357 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Less: Undistributed earnings reallocated to unvested participating shares |  |  | (150 | ) |  |  | — |  |  |  |  |  |  |  | (338 | ) |  |  | — |  |  |  |  |
Diluted EPS – Common Stock |  | $ | 22,362 |  |  |  | 20,263 |  |  | $ | 1.10 |  |  | $ | 50,381 |  |  |  | 20,250 |  |  | $ | 2.49 |
Share-based awards that would result in the issuance of 11,821 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended February 25, 2017 because they were anti-dilutive. There were no share-based awards that were excluded from the calculation of diluted earnings per share for the twenty - six weeks ended February 25, 2017 because they were anti-dilutive. For the thirteen and twenty - six weeks ended February 27, 2016, 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 as it was the more dilutive of the two methods. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen and twenty - six weeks ended February 27, 2016 (in thousands, except per share data):
|  | Thirteen weeks |  |  | Twenty-six weeks |
|  | ended February 27, 2016 |  |  | ended February 27, 2016 |
|  | Earnings |  |  |  |  |  |  |  |  |  |  | Earnings |  |  |  |  |  |  |  |  |
|  | to Common |  |  | Common |  |  |  |  |  |  | to Common |  |  | Common |  |  |  |  |
|  | Shareholders |  |  | Shares |  |  | EPS |  |  | Shareholders |  |  | Shares |  |  | EPS |
As reported - Basic |  | $ | 18,691 |  |  |  | 15,241 |  |  | $ | 1.23 |  |  | $ | 47,232 |  |  |  | 15,230 |  |  | $ | 3.10 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 102 |  |  |  |  |  |  |  | — |  |  |  | 102 |  |  |  |  |
Class B Common Stock |  |  | 4,704 |  |  |  | 4,795 |  |  |  |  |  |  |  | 11,896 |  |  |  | 4,795 |  |  |  |  |
Add: Undistributed earnings allocated to unvested participating shares |  |  | 100 |  |  |  | — |  |  |  |  |  |  |  | 253 |  |  |  | — |  |  |  |  |
Less: Undistributed earnings reallocated to unvested participating shares |  |  | (94 | ) |  |  | — |  |  |  |  |  |  |  | (240 | ) |  |  | — |  |  |  |  |
Diluted EPS – Common Stock |  | $ | 23,401 |  |  |  | 20,138 |  |  | $ | 1.16 |  |  | $ | 59,141 |  |  |  | 20,127 |  |  | $ | 2.94 |
Share-based awards that would result in the issuance of 700 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended February 27, 2016 because they were anti-dilutive. Share-based awards that would result in the issuance of 3,909 shares of Common Stock were excluded from the calculation of diluted earnings per share for the twenty - six weeks ended February 27, 2016 because they were anti-dilutive.

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