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Net Income Per Share
 3 Months Ended
Nov. 29, 2014
Net Income Per Share [Abstract]  
Net Income Per Share

Note 2. Net Income per Share

The Company’s non-vested restricted stock awards contain non-forfeitable rights to dividends and meet 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. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

 

November 29,

 

November 30,

 

 

2014

 

2013

 

 

 

 

 

 

 

Net income as reported

 

$
57,417 

 

$
59,046 

Less: Distributed net income available to participating securities

 

 
(1,238)

 

 
(132)

Less: Undistributed net income available to participating securities

 

 

 —

 

 
(293)

Numerator for basic net income per share:

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$
56,179 

 

$
58,621 

  Add: Undistributed net income allocated to participating securities

 

 

 —

 

 
293 

Less: Undistributed net income reallocated to participating securities

 

 

 —

 

 
(292)

 

 

 

 

 

 

 

Numerator for diluted  net income per share:

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$
56,179 

 

$
58,622 

   

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 
61,246 

 

 
62,773 

Effect of dilutive securities

 

 
296 

 

 
305 

Weighted average shares outstanding for diluted net income per share

 

 
61,542 

 

 
63,078 

 

 

 

 

 

 

 

Net income per share Two-class method:

 

 

 

 

 

 

Basic

 

$
0.92 

 

$
0.93 

Diluted

 

$
0.91 

 

$
0.93 

 

 

 

 

 

 

 

 

There were no  antidilutive stock options included in the computation of diluted earnings per share for the thirteen week period ended November 29, 2014. Antidilutive stock options of 399 were not included in the computation of diluted earnings per share for the thirteen week period ended November 30, 2013.