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Net Income Per Share
 6 Months Ended
Feb. 27, 2016
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. 

 

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the thirteen and twenty-six weeks ended February 27, 2016 and February 28, 2015, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

 

February 27,

 

February 28,

 

February 27,

 

February 28,

 

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income as reported

 

$

 49,525 

 

$

 51,527 

 

$

 104,554 

 

$

 108,944 

Less: Distributed net income available to participating securities

 

 

 (80)

 

 

 (115)

 

 

 (169)

 

 

 (1,348)

Less: Undistributed net income available to participating securities

 

 

 (106)

 

 

 (182)

 

 

 (266)

 

 

 —

Numerator for basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders         

 

$

 49,339 

 

$

 51,230 

 

$

 104,119 

 

$

 107,596 

  Add: Undistributed net income allocated to participating securities

 

 

 106 

 

 

 182 

 

 

 266 

 

 

 —

Less: Undistributed net income reallocated to participating securities

 

 

 (106)

 

 

 (182)

 

 

 (265)

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted  net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed and distributed net income available to common shareholders

 

$

 49,339 

 

$

 51,230 

 

$

 104,120 

 

$

 107,596 

   

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic net income per share

 

 

 61,187 

 

 

 61,351 

 

 

 61,242 

 

 

 61,298 

Effect of dilutive securities

 

 

 126 

 

 

 215 

 

 

 119 

 

 

 256 

Weighted average shares outstanding for diluted net income per share

 

 

 61,313 

 

 

 61,566 

 

 

 61,361 

 

 

 61,554 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share Two-class method:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 0.81 

 

$

 0.84 

 

$

 1.70 

 

$

 1.76 

Diluted

 

$

 0.80 

 

$

 0.83 

 

$

 1.70 

 

$

 1.75 

 

Antidilutive stock options of 1,025 were not included in the computation of diluted earnings per share for the thirteen and twenty-six week period ended February 27, 2016, respectively. Antidilutive stock options of 748 were not included in the computation of diluted earnings per share for the thirteen and twenty-six week period ended February 28, 2015.