Shareholders' Equity

12 Months Ended

Aug. 27, 2022

Equity [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

The Company has two classes of common stock: Common Stock and Class B Common Stock. Each share of Common Stock is entitled to one vote, is freely transferable, and is entitled to a cash dividend equal to 125% of any cash dividend paid on each share of Class B Common Stock. Each share of Class B Common Stock is entitled to ten votes and can be converted to Common Stock on a share-for-share basis. However, until converted to Common Stock, shares of Class B Common Stock are not freely transferable. During fiscal 2022, 17,000 shares of Class B Common Stock were converted to Common Stock. No such conversions occurred during each of fiscal 2021 and 2020.

On October 23, 2019, the Company announced that it would be raising its quarterly dividend to $0.25 per share for Common Stock and to $0.20 per share for Class B Common Stock, up from $0.1125 and $0.09 per share, respectively. The amount and timing of any future dividend payment is subject to the approval of the Board of Directors each quarter.

On October 20, 2021, the Company announced that it would be raising its quarterly dividend to $0.30 per share for Common Stock and to $0.24 per share for Class B Common Stock, up from $0.25 and $0.20 per share, respectively. The amount and timing of any future dividend is subject to the approval of the Board of Directors each quarter.

On January 2, 2019, the Company’s Board of Directors approved a share repurchase program authorizing the Company to repurchase from time to time up to $100.0 million of its outstanding shares of Common Stock. Repurchases made under the program, if any, will be made in either the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will depend on a variety of factors, including economic and market conditions, the Company stock price, corporate liquidity requirements and priorities, applicable legal requirements and other factors. The share repurchase program has been funded to date with available cash and may be funded in the future using the Company’s available cash or capacity under its 2021 Credit Agreement and may be suspended or discontinued at any time. On October 18, 2021, the Company’s Board of Directors approved a new share repurchase program authorizing the Company to repurchase from time to time up to $100.0 million of its outstanding shares of Common Stock, inclusive of the amount which remained available under the existing share repurchase program approved on January 2, 2019. Repurchases made under the new program, if any, will continue to be made in either the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The timing, manner, price and amount of any repurchases will depend on a variety of factors and may be suspended or discontinued at any time. During fiscal 2022, the Company repurchased 213,419 shares for an average price per share of $179.98. During fiscal 2021, the Company repurchased 60,950 shares for an average price per share of $184.13. During fiscal 2020, the Company repurchased 117,767 shares for an average price per share of $184.67. Currently, there is $63.6 million remaining to repurchase outstanding shares of Common Stock under this program. On July 15, 2022, the Company repurchased 35,714 shares of Class B Common Stock for $6.0 million from a related party at a per share price of $168.00