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 thirty-nine weeks ended March 1, 2014 were 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				39 Weeks Ended
	February 28, 2015		March 1, 2014		February 28, 2015		March 1, 2014
Net income attributable to Cal-Maine Foods, Inc.	$	50,882	$	42,853	$	115,140	$	77,715
Fourth quarter fiscal 2013 loss		-		-		-		(3,833)
Net income available for dividend calculation		50,882		42,853		115,140		73,882

1/3 of net income attributable to Cal-Maine Foods, Inc. available and accrued for dividend		16,961		14,284		38,402		24,627

Common stock outstanding (shares)		43,672		43,564
Class A common stock outstanding (shares)		4,800		4,800
Total common stock outstanding (shares)		48,472		48,364

Dividends per common share*	$	0.350	$	0.295	$	0.793	$	0.510

*Dividends per common share = 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares). Per share amounts for the thirteen and thirty-nine weeks ended February 28, 2015 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.