6. Accrued Dividends Payable and Dividends per Common Share

We make an accrual of dividends payable at the end of each quarter according to the Company’s dividend policy adopted by its Board of Directors. According to the dividend policy, the Company pays a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income attributable to Cal-Maine Foods, Inc. computed in accordance with generally accepted accounting principles in an amount equal to one-third (1/3) of such quarterly income. Dividends are paid to shareholders of record as of the 60th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company will pay dividends to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income attributable to Cal-Maine Foods, Inc., the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid. The amount of the accrual appears on the Condensed Consolidated Balance Sheets as “Accrued dividends payable.”

In the fourth quarter of fiscal 2013 the Company reported a net loss attributable to Cal-Maine Foods, Inc. of $3.8 million. As a result total dividends paid for the twenty-six weeks ended November 30, 2013 are calculated only on net income attributable to Cal-Maine Foods, Inc. in excess of $3.8 million.

On our condensed consolidated statement of income, we determine dividends per common share in accordance with the computation in the following table (in thousands, except per share data):



	13 Weeks Ended				26 Weeks Ended
	November 29, 2014		November 30, 2013		November 29, 2014		November 30, 2013
Net income attributable to Cal-Maine Foods, Inc.	$	36,603	$	26,106	$	64,258	$	34,862
Fourth quarter fiscal 2013 loss		-		-		-		(3,833)
Net income available for dividend calculation		36,603		26,106		64,258		31,029

1/3 of net income attributable to Cal-Maine Foods, Inc. available and accrued for dividend		12,201		8,703		21,419		10,343

Common stock outstanding (shares)		43,582		43,417
Class A common stock outstanding (shares)		4,800		4,800
Total common stock outstanding (shares)		48,382		48,217

Dividends per common share*	$	0.252	$	0.180	$	0.443	$	0.214

*Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares). Per share amounts for the thirteen and twenty-six weeks ended November 29, 2014, are estimated based on outstanding shares as of the end of the period; actual per share amounts will be determined as of the dividend record date.