Accrued Dividends Payable And Dividends per Common Share

3 Months Ended

Aug. 27, 2022

Accrued Dividends Payable And Dividends Per Common Share [Abstract]

Accrued Dividends Payable And Dividends Per Common Share

Note 5 - 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 GAAP

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.

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 most recent quarter for which a dividend was paid. For the first quarter of fiscal 2023, we will pay a cash dividend of

approximately $

0.853

 per share to holders of our Common Stock and Class A Common Stock. 

On our Condensed Consolidated Statements of Operations, we determine dividends per common share in accordance with the

computation in the following table (in thousands, except per share data):

Thirteen Weeks Ended

August 27, 2022

August 28, 2021

Net income (loss) attributable to Cal-Maine Foods, Inc.

$

125,287

$

(18,026)

Cumulative loss to be recovered prior to payment of divided at beginning of period

—

(4,244)

Net income available for dividend

$

125,287

$

—

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

41,762

—

Common stock outstanding (shares)

44,136

44,057

Class A common stock outstanding (shares)

4,800

4,800

Total common stock outstanding (shares)

48,936

48,857

Dividends per common share*

$

0.853

$

—

*Dividends per common share =

1/3

 of Net income attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock

outstanding (shares).