Shareholders' Equity

3 Months Ended

Nov. 29, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 6. Shareholders’ Equity

The Company paid cash dividends of $208,781 for the thirteen weeks ended November 29, 2014 which consisted of a special and regular cash dividend of approximately $184,218 and $24,563, respectively. In addition, the Company recorded a dividend payable of $1,343 for dividends declared and not yet paid as of November 29, 2014. For the thirteen weeks ended November 30, 2013, the Company paid cash dividends of$20,915.  On December 17, 2014, the Board of Directors declared a quarterly cash dividend of $0.40 per share payable on January 27, 2015 to shareholders of record at the close of business on January 13, 2015. The dividend will result in a payout of approximately $24,749, based on the number of shares outstanding at January 2, 2015.

The Board of Directors established the MSC Stock Repurchase Plan (the “Repurchase Plan”) which allows the Company to repurchase shares at any time and in any increments it deems appropriate in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the thirteen week period endedNovember 29, 2014, the Company repurchased 44 shares of its Class A common stock for $81.73, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. These shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based compensation program. As of November 29, 2014, the maximum number of shares that may yet be repurchased under the Repurchase Plan was 2,075 shares.