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Calculation of Earnings Per Share | 3 Months Ended
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Aug. 27, 2022
Earnings Per Share [Abstract] |
Calculation of Earnings Per Share | 6. CALCULATION OF EARNINGS PER SHARE We have authorized 17,000,000 shares of common stock and 3,000,000 shares of Class B common stock. The Class B common stock has 10 votes per share and has transferability restrictions; however, Class B common stock may be converted into common stock on a share-for-share basis at any time. With respect to dividends and distributions, shares of common stock and Class B common stock rank equally and have the same rights, except that Class B common stock cash dividends are limited to 90% of the amount of common stock cash dividends. Our Class B common stock is considered a participating security requiring the use of the two-class method for the computation of basic and diluted earnings per share. The two-class computation method for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Basic and diluted earnings per share were computed using the two-class method. The shares of Class B common stock are considered to be participating convertible securities since the shares of Class B common stock are convertible on a share-for-share basis into shares of common stock and may participate in dividends with common stock according to a predetermined formula which is 90% of the amount of common stock cash dividends. The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive income were based on the following amounts (in thousands, except per share amounts):
|  | Three Months Ended |
|  | August 27, 2022 |  |  | August 28, 2021 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Numerator for Basic and Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 6,324 |  |  | $ | 6,324 |  |  | $ | 2,635 |  |  | $ | 2,635 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 709 |  |  |  | 709 |  |  |  | 673 |  |  |  | 673 |
Class B common stock |  |  | 110 |  |  |  | 110 |  |  |  | 113 |  |  |  | 113 |
Undistributed earnings |  | $ | 5,505 |  |  | $ | 5,505 |  |  | $ | 1,849 |  |  | $ | 1,849 |
Common stock undistributed earnings |  | $ | 4,755 |  |  | $ | 4,788 |  |  | $ | 1,582 |  |  | $ | 1,588 |
Class B common stock undistributed earnings |  |  | 750 |  |  |  | 717 |  |  |  | 267 |  |  |  | 261 |
Total undistributed earnings |  | $ | 5,505 |  |  | $ | 5,505 |  |  | $ | 1,849 |  |  | $ | 1,849 |
Denominator for Basic and Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock weighted average shares |  |  | 11,715 |  |  |  | 11,715 |  |  |  | 11,194 |  |  |  | 11,194 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dilutive stock options |  |  |  |  |  |  | 616 |  |  |  |  |  |  |  | 273 |
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion |  |  |  |  |  |  | 12,331 |  |  |  |  |  |  |  | 11,467 |
Class B commons stock weighted average shares and shares under if-converted method for diluted EPS |  |  | 2,053 |  |  |  | 2,053 |  |  |  | 2,097 |  |  |  | 2,097 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 0.47 |  |  | $ | 0.45 |  |  | $ | 0.20 |  |  | $ | 0.20 |
Class B common stock |  | $ | 0.42 |  |  | $ | 0.40 |  |  | $ | 0.18 |  |  | $ | 0.18 |
Note: There were no common stock options that were antidilutive in the first quarter of fiscal 2023 and fiscal 2022.

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