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Income Per Share | 9 Months Ended
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May 28, 2022
Earnings Per Share [Abstract] |
Income Per Share | 8. Income Per Share The Company calculates income per share by allocating income to its unvested participating securities as part of its income per share calculations. The following table sets forth the computation of basic income 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 28, 2022 |  |  | May 29, 2021 |  |  | May 28, 2022 |  |  | May 29, 2021 |
Net income available to shareholders |  | $ | 25,067 |  |  | $ | 42,016 |  |  | $ | 77,223 |  |  | $ | 116,497 |
Allocation of net income for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 21,037 |  |  | $ | 35,270 |  |  | $ | 64,835 |  |  | $ | 97,792 |
Class B Common Stock |  |  | 4,030 |  |  |  | 6,746 |  |  |  | 12,388 |  |  |  | 18,705 |
|  | $ | 25,067 |  |  | $ | 42,016 |  |  | $ | 77,223 |  |  | $ | 116,497 |
Weighted average number of shares for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  | 15,170 |  |  |  | 15,238 |  |  |  | 15,211 |  |  |  | 15,238 |
Class B Common Stock |  |  | 3,632 |  |  |  | 3,643 |  |  |  | 3,632 |  |  |  | 3,643 |
|  |  | 18,802 |  |  |  | 18,881 |  |  |  | 18,843 |  |  |  | 18,881 |
Income per share for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 1.39 |  |  | $ | 2.31 |  |  | $ | 4.26 |  |  | $ | 6.42 |
Class B Common Stock |  | $ | 1.11 |  |  | $ | 1.85 |  |  | $ | 3.41 |  |  | $ | 5.13 |
The Company is required to calculate diluted income per share 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 28, 2022 and May 29, 2021, the Company’s diluted income per share 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 tables set forth the computation of diluted income per share of Common Stock for the thirteen and thirty-nine weeks ended May 28, 2022 and May 29, 2021 (in thousands, except per share data):
|  | Thirteen weeks ended May 28, 2022 |  |  | Thirty-nine weeks ended May 28, 2022 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | Income Per Share |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | Income Per Share |
As reported - Basic |  | $ | 21,037 |  |  |  | 15,170 |  |  | $ | 1.39 |  |  | $ | 64,835 |  |  |  | 15,211 |  |  | $ | 4.26 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-Based Awards |  |  | — |  |  |  | 73 |  |  |  |  |  |  | — |  |  |  | 115 |  |  |  |
Class B Common Stock |  |  | 4,030 |  |  |  | 3,632 |  |  |  |  |  |  | 12,388 |  |  |  | 3,632 |  |  |  |
As reported – Diluted |  | $ | 25,067 |  |  |  | 18,875 |  |  | $ | 1.33 |  |  | $ | 77,223 |  |  |  | 18,958 |  |  | $ | 4.07 |
|  | Thirteen weeks ended May 29, 2021 |  |  | Thirty-nine weeks ended May 29, 2021 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | Income Per Share |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | Income Per Share |
As reported - Basic |  | $ | 35,270 |  |  |  | 15,238 |  |  | $ | 2.31 |  |  | $ | 97,792 |  |  |  | 15,238 |  |  | $ | 6.42 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-Based Awards |  |  | — |  |  |  | 170 |  |  |  |  |  |  | — |  |  |  | 160 |  |  |  |
Class B Common Stock |  |  | 6,746 |  |  |  | 3,643 |  |  |  |  |  |  | 18,705 |  |  |  | 3,643 |  |  |  |
As reported – Diluted |  | $ | 42,016 |  |  |  | 19,051 |  |  | $ | 2.21 |  |  | $ | 116,497 |  |  |  | 19,041 |  |  | $ | 6.12 |
Share-based awards that would result in the issuance of 43,246 and 36,373 shares, respectively, of Common Stock were excluded from the calculation of diluted income per share for the thirteen and thirty-nine weeks ended May 28, 2022 because they were anti-dilutive. Share-based awards that would result in the issuance of 2,189 and 1,770 shares, respectively, of Common Stock were excluded from the calculation of diluted income per share for the thirteen and thirty-nine weeks ended May 29, 2021 because they were anti-dilutive.

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