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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM 10-Q
(mark one)

þ     Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 2, 2019

OR

¨     Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________

Commission File Number:  000-04892

CAL-MAINE FOODS, INC.
(Exact name of registrant as specified in its charter)

Delaware
 
64-0500378
(State or other jurisdiction of incorporation or organization)
 
(I.R.S Employer Identification No.)

3320 Woodrow Wilson Avenue, Jackson, Mississippi  39209
(Address of principal executive offices) (Zip Code)

(601) 948-6813
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ     No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ      No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    
Large Accelerated filer þ
 
Accelerated filer  ¨
 
 
 
Non – Accelerated filer ¨
 
Smaller reporting company ¨
 
 
 
 
 
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨    No þ
There were 43,894,478 shares of Common Stock, $0.01 par value, and 4,800,000 shares of Class A Common Stock, $0.01 par value, outstanding as of March 28, 2019.



CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED MARCH 2, 2019
 
 
 
 
 
Page Number
Part I.
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
Item 3.
 
 
 
 
 
 
 
 
 
Item 4.
 
 
 
 
 
 
 
 
Part II.
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
Item 1A.
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
Item 6.
 
 
 
 
 
 
 
 
 
 
 
 




PART I.  FINANCIAL INFORMATION
ITEM 1.   FINANCIAL STATEMENTS
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 
March 2, 2019
 
June 2,
2018
ASSETS
 
 (unaudited)
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
97,370

 
$
48,431

Investment securities available-for-sale
 
244,482

 
282,586

Trade and other receivables (less allowance for doubtful accounts of
 
 

 
 

$318 and $268 at March 2, 2019 and June 2, 2018, respectively)
 
93,222

 
85,839

Inventories
 
178,418

 
168,644

Prepaid expenses and other current assets
 
3,912

 
2,020

Total current assets
 
617,404

 
587,520

Property, plant and equipment, net
 
439,300

 
425,384

Investments in unconsolidated entities
 
68,728

 
66,806

Goodwill
 
35,525

 
35,525

Other intangible assets, net
 
24,466

 
26,307

Other long-lived assets
 
9,032

 
8,905

TOTAL ASSETS
 
$
1,194,455

 
$
1,150,447

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable and accrued expenses
 
$
84,116

 
$
87,209

Accrued dividends payable
 
13,245

 
17,093

Current maturities of long-term debt and capital lease obligations
 
2,444

 
3,536

Total current liabilities
 
99,805

 
107,838

Long-term debt and capital lease obligations, less current maturities
 
677

 
2,554

Other noncurrent liabilities
 
8,595

 
8,318

Deferred income taxes
 
77,335

 
76,055

Total liabilities
 
186,412

 
194,765

Contingencies - see Note 5
 


 


 
 
 
 
 
Stockholders’ equity:
 
 

 
 

Common stock, $0.01 par value, 120,000 authorized and 70,261 shares issued at
 
 
 
 
March 2, 2019, and June 2, 2018, respectively, and 43,895 and 43,831 shares
 
 

 
 

outstanding at March 2, 2019 and June 2, 2018, respectively
 
703

 
703

Class A convertible common stock, $.01 par value, 4,800 shares authorized, issued
 
 

 
 

and outstanding at March 2, 2019 and June 2, 2018
 
48

 
48

Paid-in capital
 
55,857

 
53,323

Retained earnings
 
974,287

 
924,918

Accumulated other comprehensive income (loss), net of tax
 
39

 
(693
)
Common stock in treasury at cost – 26,366 and 26,430 shares at March 2, 2019
 
 

 
 

and June 2, 2018
 
(25,865
)
 
(24,966
)
Total Cal-Maine Foods, Inc. stockholders’ equity
 
1,005,069

 
953,333

Noncontrolling interest in consolidated entities
 
2,974

 
2,349

Total stockholders’ equity
 
1,008,043

 
955,682

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
1,194,455

 
$
1,150,447

See Notes to Condensed Consolidated Financial Statements.

2


CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
 
 
13 Weeks Ended
 
39 Weeks Ended
 
 
March 2, 2019
 
March 3, 2018
 
March 2, 2019
 
March 3, 2018
Net sales
 
$
383,992

 
$
435,820

 
$
1,080,616

 
$
1,059,837

Cost of sales
 
301,551

 
315,722

 
870,511

 
840,007

Gross profit
 
82,441

 
120,098

 
210,105

 
219,830

Selling, general, and administrative expense
 
45,009

 
44,175

 
132,500

 
128,045

Legal settlement expense
 

 

 
2,250

 
80,750

Gain on disposal of fixed assets
 
(758
)
 
(279
)
 
(847
)
 
(325
)
Operating income
 
38,190

 
76,202

 
76,202

 
11,360

Other income (expense):
 
 
 
 
 
 

 
 

Interest income, net
 
1,986

 
992

 
5,459

 
2,043

Royalty income
 
565

 
169

 
1,784

 
760

Patronage dividends
 
10,482

 
8,286

 
10,482

 
8,286

Equity in income of affiliates
 
2,111

 
2,379

 
4,449

 
2,302

Other, net
 
147

 
29

 
372

 
(1,304
)
Total other income
 
15,291

 
11,855

 
22,546

 
12,087

 
 
 
 
 
 
 
 
 
Income before income taxes and noncontrolling interest
 
53,481

 
88,057

 
98,748

 
23,447

Income tax (benefit) expense
 
13,616

 
(8,301
)
 
24,134

 
(30,653
)
Net income before noncontrolling interest
 
39,865

 
96,358

 
74,614

 
54,100

Less: Net income (loss) attributable to noncontrolling interest
 
88

 
64

 
625

 
(65
)
Net income attributable to Cal-Maine Foods, Inc.
 
$
39,777

 
$
96,294

 
$
73,989

 
$
54,165

 
 
 
 
 
 
 
 
 
Net income per common share attributable to Cal-Maine Foods, Inc.:
 
 
 
 
 
 

 
 

Basic
 
$
0.82

 
$
1.99

 
$
1.53

 
$
1.12

Diluted
 
$
0.82

 
$
1.99

 
$
1.52

 
$
1.12

Weighted average shares outstanding:
 
 
 
 
 
 

 
 

Basic
 
48,417

 
48,361

 
48,416

 
48,340

Diluted
 
48,533

 
48,476

 
48,545

 
48,460


See Notes to Condensed Consolidated Financial Statements.

3


CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
 
13 Weeks Ended
 
39 Weeks Ended
 
 
March 2, 2019
 
March 3, 2018
 
March 2, 2019
 
March 3, 2018
Net income, including noncontrolling interests
 
$
39,865

 
$
96,358

 
$
74,614

 
$
54,100

 
 
 
 
 
 
 

 
 

Other comprehensive income (loss), before tax:
 
 
 
 
 
 

 
 

 
 
 
 
 
 
 

 
 

Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments
 
1,217

 
(547
)
 
967

 
(1,004
)
 
 
 
 
 
 
 

 
 

Income tax benefit (expense) related to items of other comprehensive loss
 
(296
)
 
155

 
(235
)
 
340

 
 
 
 
 
 
 

 
 

Other comprehensive income (loss), net of  tax
 
921

 
(392
)
 
732

 
(664
)
 
 
 
 
 
 
 

 
 

Comprehensive income
 
40,786

 
95,966

 
75,346

 
53,436

 
 
 
 
 
 
 

 
 

Less: comprehensive income (loss) attributable to the noncontrolling interest
 
88

 
64

 
625

 
(65
)
 
 
 
 
 
 
 

 
 

Comprehensive income attributable to Cal-Maine Foods, Inc.
 
$
40,698

 
$
95,902

 
$
74,721

 
$
53,501


See Notes to Condensed Consolidated Financial Statements.

4


CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
 
39 Weeks Ended
 
 
March 2, 2019
 
March 3, 2018
Operating activities:
 
 
 
 
Net income including noncontrolling interest
 
$
74,614

 
$
54,100

Depreciation and amortization
 
40,857

 
40,331

Other adjustments, net
 
(20,863
)
 
51,655

Net cash provided by operations
 
94,608

 
146,086

 
 
 

 
 

Investing activities:
 
 

 
 

Purchases of investment securities
 
(122,191
)
 
(136,921
)
Sales and maturities of investment securities
 
160,190

 
95,289

Investment in unconsolidated entities
 
(4,272
)
 
(4,100
)
Distributions from unconsolidated entities
 
6,545

 
5,831

Acquisition of business
 
(17,889
)
 

Purchases of property, plant and equipment
 
(36,841
)
 
(13,639
)
Net proceeds from disposal of property, plant and equipment
 
1,212

 
579

Net cash used by investing activities
 
(13,246
)
 
(52,961
)
 
 
 

 
 

Financing activities:  
 
 

 
 

Purchase of common stock by treasury
 
(985
)
 
(1,128
)
Contributions from noncontrolling interests
 

 
279

Principal payments on long-term debt and capital lease obligations
 
(2,969
)
 
(3,662
)
Payment of dividends
 
(28,469
)
 

Net cash used in financing activities
 
(32,423
)
 
(4,511
)
 
 
 
 
 
Net change in cash and cash equivalents
 
48,939

 
88,614

 
 
 

 
 

Cash and cash equivalents at beginning of period
 
48,431

 
17,564

Cash and cash equivalents at end of period
 
$
97,370

 
$
106,178


See Notes to Condensed Consolidated Financial Statements.


5


CAL-MAINE FOODS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 2, 2019
(unaudited)
1.   Presentation of Interim Information

The condensed consolidated balance sheet at June 2, 2018 was derived from the audited consolidated financial statements at that date.  It does not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements. 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the results for the interim periods presented have been included. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions. These estimates and assumptions affected reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions.  Operating results for the thirteen and thirty-nine weeks ended March 2, 2019 are not necessarily indicative of the results that may be expected for the year ending June 1, 2019.  

For further information, refer to the consolidated financial statements and footnotes thereto included in Cal-Maine Foods, Inc.’s annual report on Form 10-K for the fiscal year ended June 2, 2018. References to “we,” “us,” “our,” or the “Company” refer to Cal-Maine Foods, Inc.

2. Acquisition

On October 14, 2018, the Company acquired substantially all of the commerical egg production and processing assets of Featherland Egg Farms, Inc. (“Featherland”) for $17.9 million in cash. The acquired assets include facilities with current capacity for approximately 600,000 laying hens, a feed mill, and related production and distribution facilities located near Marion, Texas. The acquired operations of Featherland are included in the accompanying financial statements as of October 14, 2018. Acquisition related costs incurred during the period were immaterial to the financial statements.

Pending the finalization of the Company’s valuation, the following table presents the preliminary fair values of the assets acquired (in thousands):

Inventory
 
$
1,433

Property, plant and equipment
 
16,206

Intangible assets
 
250

Purchase price
 
$
17,889



Pro-forma information was not material to the Company’s Condensed Consolidated Financial Statements.

3.   Stock Based Compensation

Total stock based compensation expense for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 was $2.6 million in both periods. 

Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at March 2, 2019 was $7.0 million, and will be recorded over a weighted average period of 2.3 years.  Refer to Note 10 of our June 2, 2018 audited financial statements for further information on our stock compensation plans.

6



At March 2, 2019, there were 252,388 restricted shares outstanding, with a weighted average grant date fair value of $43.20 per share. The Company’s restricted share activity for the thirty-nine weeks ended March 2, 2019 follows:
 
 
Number of Shares
 
Weighted Average Grant Date Fair Value
Outstanding, June 2, 2018
 
241,290

 
$
45.30

Granted
 
94,189

 
42.68

Vested
 
(75,942
)
 
49.14

Forfeited
 
(7,149
)
 
44.00

Outstanding, March 2, 2019
 
252,388

 
$
43.20



4.   Inventories

Inventories consisted of the following (in thousands):
 
 
March 2, 2019
 
June 2, 2018
Flocks
 
$
103,311

 
$
96,594

Eggs and egg products
 
18,245

 
17,313

Feed and supplies
 
56,862

 
54,737

 
 
$
178,418

 
$
168,644



We grow and maintain flocks of layers (mature female chickens), pullets (female chickens, under 18 weeks of age), and breeders (male and female chickens used to produce fertile eggs to hatch for egg production flocks). Our total flock at March 2, 2019 consisted of approximately 9.4 million pullets and breeders and 37.7 million layers.

5.   Contingencies

Financial Instruments
The Company maintained standby letters of credit (“LOC”) totaling $4.2 million at March 2, 2019.  The LOCs are collateralized with cash which is included in the line item “Other assets” in the Condensed Consolidated Balance Sheets.  The outstanding LOCs are for the benefit of certain insurance companies, and are not recorded as a liability on the consolidated balance sheets.

Legal Contingencies
The Company is a defendant in certain legal actions, and intends to vigorously defend its position in these actions.  If the Company’s assessment of a contingency indicates it is probable a material loss has been incurred and the amount of the liability can be reasonably estimated, the estimated liability is accrued in the Company’s financial statements. If the assessment indicates a potential material loss contingency is not probable, but is reasonably possible, or probable but cannot be reasonably estimated, then the nature of the contingent liability, together with an estimate of the possible loss or range of possible loss will be disclosed, or a statement will be made that such an estimate cannot be made.

These legal actions are discussed in detail at Part II, Item 1, of this report.


7


6.   Net Income per Common Share  

Basic net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period.  Diluted net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus the dilutive effects of options and restricted stock.  The computations of basic and diluted net income per share attributable to the Company are as follows (in thousands, except per share data):

 
 
13 Weeks Ended
 
39 Weeks Ended
 
 
March 2, 2019
 
March 3, 2018
 
March 2, 2019
 
March 3, 2018
Net income attributable to Cal-Maine Foods, Inc.
 
$
39,777

 
$
96,294

 
$
73,989

 
$
54,165

 
 
 
 
 
 
 

 
 

Basic weighted-average common shares
 
48,417

 
48,361

 
48,416

 
48,340

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Restricted shares
 
116

 
115

 
129

 
120

Dilutive potential common shares
 
48,533

 
48,476

 
48,545

 
48,460

 
 
 
 
 
 
 
 
 
Net income per common share attributable to Cal-Maine Foods, Inc.:
 
 
 
 
 
 

 
 

Basic
 
$
0.82

 
$
1.99

 
$
1.53

 
$
1.12

Diluted
 
$
0.82

 
$
1.99

 
$
1.52

 
$
1.12



7.   Fair Value Measurements

The Company is required to categorize both financial and nonfinancial assets and liabilities based on the following fair value hierarchy.  The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable, and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor.

Level 1 - Quoted prices in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

The disclosures of fair value of certain financial assets and liabilities that are recorded at cost are as follows:
Cash and cash equivalents: The carrying amount approximates fair value due to the short maturity of these instruments.

Long-term debt: The carrying value of the Company’s long-term debt is at its stated value.  We have not elected to carry our long-term debt at fair value.  Fair values for debt are based on quoted market prices or published forward interest rate curves, which are level 2 inputs. The fair value and carrying value of the Company’s borrowings under its long-term debt were as follows (in thousands):
 
 
March 2, 2019
 
June 2, 2018
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Note payable
 
$
2,019

 
$
2,047

 
$
4,750

 
$
4,732

Long-term leases
 
1,102

 
967

 
1,340

 
1,171

 
 
$
3,121

 
$
3,014

 
$
6,090

 
$
5,903




8


Assets and Liabilities Measured at Fair Value on a Recurring Basis
In accordance with the fair value hierarchy described above, the following table shows the fair value of financial assets and liabilities measured at fair value on a recurring basis as of March 2, 2019 and June 2, 2018 (in thousands):
໿
 
 
 
 
 
 
 
 
Total
March 2, 2019
 
Level 1
 
Level 2
 
Level 3
 
Balance
Assets
 
 

 
 

 
 

 
 

US government and agency obligations
 

 
$
30,770

 

 
$
30,770

Municipal bonds
 

 
47,907

 

 
47,907

Commercial paper
 

 
3,223

 

 
3,223

Corporate bonds
 

 
155,571

 

 
155,571

Certificates of deposits
 

 
3,020

 

 
3,020

Asset backed securities
 

 
3,991

 

 
3,991

Mutual funds
 
3,403

 

 

 
3,403

Total assets measured at fair value
 
$
3,403

 
$
244,482

 

 
$
247,885

໿
 
 
 
 
 
 
 
 
Total
June 2, 2018
 
Level 1
 
Level 2
 
Level 3
 
Balance
Assets
 
 

 
 

 
 

 
 

US government and agency obligations
 
$

 
$
23,817

 
$

 
$
23,817

Municipal bonds
 

 
20,666

 

 
20,666

Certificates of deposits
 

 
2,507

 

 
2,507

Commercial paper
 

 
17,920

 

 
17,920

Corporate bonds
 

 
214,083

 

 
214,083

Variable rate demand notes
 

 
600

 

 
600

Asset backed securities
 

 
2,993

 

 
2,993

Mutual funds
 
3,071

 

 

 
3,071

Total assets measured at fair value
 
$
3,071

 
$
282,586

 
$

 
$
285,657



Investment securities – available-for-sale have maturities of three months or longer when purchased, and are classified as current, because they are available for current operations. Observable inputs for these securities are yields, credit risks, default rates, and volatility.

໿
໿

9


8.   Investment Securities

The following represents the Company’s investment securities as of March 2, 2019 and June 2, 2018 (in thousands):
March 2, 2019
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
US government and agency obligations
 
$
30,834

 
$

 
$
64

 
$
30,770

Municipal bonds
 
47,866

 
41

 

 
47,907

Commercial paper
 
3,238

 

 
15

 
3,223

Corporate bonds
 
156,040

 

 
469

 
155,571

Certificates of deposits
 
3,025

 

 
5

 
3,020

Asset backed securities
 
3,990

 
1

 

 
3,991

Total current investment securities
 
$
244,993

 
$
42

 
$
553

 
$
244,482

 
 
 

 
 

 
 

 
 

Mutual funds
 
$
2,312

 
$
1,091

 
$

 
$
3,403

Total noncurrent investment securities
 
$
2,312

 
$
1,091

 
$

 
$
3,403

June 2, 2018
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
US government and agency obligations
 
$
23,991

 
$

 
$
174

 
$
23,817

Municipal bonds
 
20,697

 

 
31

 
20,666

Certificates of deposits
 
2,510

 

 
3

 
2,507

Commercial paper
 
17,926

 

 
6

 
17,920

Corporate bonds
 
215,273

 

 
1,190

 
214,083

Variable rate demand notes
 
600

 

 

 
600

Asset backed securities
 
3,010

 

 
17

 
2,993

Total current investment securities
 
$
284,007

 
$

 
$
1,421

 
$
282,586

 
 
 

 
 

 
 

 
 

Mutual funds
 
$
2,037

 
$
1,034

 
$

 
$
3,071

Total noncurrent investment securities
 
$
2,037

 
$
1,034

 
$

 
$
3,071



The mutual funds are classified as “Other long-lived assets” in the Company’s Condensed Consolidated Balance Sheets. Proceeds from sales and maturities of investment securities were $160.2 million and $95.3 million during the thirty-nine weeks ended March 2, 2019 and March 3, 2018, respectively. Gross realized gains for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 were approximately $55,000 and $25,000, respectively.  Gross realized losses for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 were approximately $35,000 and $5,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

Unrealized holding gains (losses), net of taxes, for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 were as follows (in thousands):
 
 
39 Weeks Ended
 
 
March 2, 2019
 
March 3, 2018
Current investments
 
$
689

 
$
(975
)
Noncurrent investments
 
43

 
311

Total unrealized holding gains (losses)
 
$
732

 
$
(664
)



10


Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without penalties.  Contractual maturities of current investments at March 2, 2019, are as follows (in thousands):
 
 
Estimated Fair Value
Within one year       
 
$
140,391

1-5 years
 
104,091

Total
 
$
244,482



໿
9.   Accrued Dividends Payable and Dividends per Common Share

We accrue dividends at the end of each quarter according to the Company’s dividend policy adopted by its Board of Directors. 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 pays dividends to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. For the third quarter of fiscal 2019, the dividend is payable on May 16, 2019, to holders of record on May 1, 2019. 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”. At the end of the third quarter of fiscal 2018 on March 3, 2018, the amount of cumulative losses to be recovered before payment of a dividend was $20.5 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
 
 
March 2, 2019
 
March 3, 2018
 
March 2, 2019
 
March 3, 2018
Net income attributable to Cal-Maine Foods, Inc.
 
$
39,777

 
$
96,294

 
$
73,989

 
$
54,165

 
 
 
 
 
 
 
 
 
Net income attributable to Cal-Maine Foods, Inc. available for dividend
 
$
39,777

 
$

 
$
73,989

 
$

 
 
 
 
 
 
 
 
 
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend
 
$
13,245

 
$

 
$
24,626

 
$

 
 
 
 
 
 
 
 
 
Common stock outstanding (shares)
 
43,894

 
43,773

 
 
 
 
Class A common stock outstanding (shares)
 
4,800

 
4,800

 
 
 
 
Total common stock outstanding (shares)
 
48,694

 
48,573

 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per common share*
 
$
0.272

 
$

 
$
0.506

 
$

*Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares).




11


10.   Equity

The following reflects the equity activity, including our noncontrolling interest, for the thirteen and thirty-nine weeks ended March 2, 2019 and March 3, 2018 (in thousands):

 
 
Thirteen Weeks Ended March 2, 2019
 
 
Cal-Maine Foods, Inc. Stockholders
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 

 
Class A
 
Treasury
 
Paid In
 
Accum. Other
 
Retained
 
Noncontrolling
 
 
 
 
Amount

 
Amount
 
Amount
 
Capital
 
Comp. Income (Loss)
 
Earnings
 
Interest
 
Total
Balance at December 1, 2018
 
$
703

 
$
48

 
$
(24,974
)
 
$
55,079

 
$
(882
)
 
$
947,768

 
$
2,886

 
$
980,628

Other comprehensive income, net of tax
 

 

 

 

 
921

 

 

 
921

Grant of restricted stock, net of forfeitures
 

 

 
88

 
(88
)
 

 

 

 

Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock
 

 

 
(979
)
 

 

 

 

 
(979
)
Restricted stock compensation
 

 

 

 
866

 

 

 

 
866

Dividends
 

 

 

 

 

 
(13,258
)
 

 
(13,258
)
Net income
 

 

 

 

 

 
39,777

 
88

 
39,865

Balance at March 2, 2019
 
$
703

 
$
48

 
$
(25,865
)
 
$
55,857

 
$
39

 
$
974,287

 
$
2,974

 
$
1,008,043

໿
 
 
Thirty-nine Weeks Ended March 2, 2019
 
 
Cal-Maine Foods, Inc. Stockholders
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 

 
Class A
 
Treasury
 
Paid In
 
Accum. Other
 
Retained
 
Noncontrolling
 
 
 
 
Amount

 
Amount
 
Amount
 
Capital
 
Comp. Income (Loss)
 
Earnings
 
Interest
 
Total
Balance at June 2, 2018
 
$
703

 
$
48

 
$
(24,966
)
 
$
53,323

 
$
(693
)
 
$
924,918

 
$
2,349

 
$
955,682

Other comprehensive income, net of tax
 

 

 

 

 
732

 

 

 
732

Grant of restricted stock, net of forfeitures
 

 

 
86

 
(86
)
 

 

 

 

Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock
 

 

 
(985
)
 

 

 

 

 
(985
)
Restricted stock compensation
 

 

 

 
2,620

 

 

 

 
2,620

Dividends
 

 

 

 

 

 
(24,620
)
 

 
(24,620
)
Net income
 

 

 

 

 

 
73,989

 
625

 
74,614

Balance at March 2, 2019
 
$
703