Shareholders' Equity

3 Months Ended

Dec. 03, 2016

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 6. Shareholders’ Equity

The Company paid cash dividends of  $0.45 per common share totaling $25,495 for the thirteen weeks ended December 3, 2016. For the thirteen weeks ended November 28, 2015, the Company paid cash dividends of $0.43 per common share totaling $26,391. On December 20, 2016, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on January 24, 2017  to shareholders of record at the close of business on January 10, 2017. The dividend will result in a payout of approximately $25,514, based on the number of shares outstanding at December 28, 2016.

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 ended December 3, 2016, the Company repurchased 40 shares of its Class A common stock for $2,894, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. All of 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 December 3, 2016, the maximum number of shares that can be repurchased under the Repurchase Plan was 1,444 shares.