Earnings Per Share

6 Months Ended

Jan. 26, 2013

Notes

Earnings Per Share

3.         The Company computes net income per share using the two-class method,  an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings.  Under the two-class method, our Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than our Class B common stock, in accordance with the classes respective dividend rights.

            Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to shares of Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method.   Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. 

The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented. 

	13 Weeks Ended		26 Weeks Ended
	January 26, 2013
	Class A	Class B	Class A	Class B
Numerator:
Net income allocated, basic	$      6,373	$      2,503	$    10,463	$      4,123
Conversion of Class B to Class A shares	2,503	-	4,123	-
Effect of share-based compensation on allocated net income	-	-	-	-
Net income allocated, diluted	$      8,876	$      2,503	$    14,586	$      4,123
Denominator:
Weighted average shares outstanding, basic	8,396	5,086	7,972	5,500
Conversion of Class B to Class A shares	5,086	-	5,500	-
Dilutive effect of share-based compensation	108	-	118	-
Weighted average shares outstanding, diluted	13,590	5,086	13,590	5,500

	13 Weeks Ended		26 Weeks Ended
	January 28, 2012
	Class A	Class B	Class A	Class B
Numerator:
Net income allocated, basic	$      5,613	$      3,299	$      9,741	$      5,734
Conversion of Class B to Class A shares	3,299	-	5,734	-
Effect of share-based compensation on allocated net income	27	(18)	51	(28)
Net income allocated, diluted	$      8,939	$      3,281	$    15,526	$      5,706
Denominator:
Weighted average shares outstanding, basic	7,030	6,362	7,023	6,367
Conversion of Class B to Class A shares	6,362	-	6,367	-
Dilutive effect of share-based compensation	90	-	75	-
Weighted average shares outstanding, diluted	13,482	6,362	13,465	6,367

Outstanding stock options to purchase Class A shares of 7 and 240 were excluded from the calculation of diluted net income per share at January 26, 2013 and January 28, 2012, respectively, as a result of their anti-dilutive effect.  In addition, 299 and 296 non-vested restricted Class A shares, which are considered participating securities, and their allocated net income were excluded from the diluted net income per share calculation at January 26, 2013 and January 28, 2012, respectively, due to their anti-dilutive effect.