Income Per Share

6 Months Ended

Feb. 24, 2024

8. Income Per Share

The Company calculates income per share by allocating income to its unvested participating securities as part of its income per share calculations. The following table sets forth the computation of basic income per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net income available to shareholders	$	20,457	$	17,810	$	62,782	$	51,767
Allocation of net income for Basic:
Common Stock	$	17,188	$	14,962	$	52,754	$	43,488
Class B Common Stock		3,269		2,848		10,028		8,279
	$	20,457	$	17,810	$	62,782	$	51,767
Weighted average number of shares for Basic:
Common Stock		15,106		15,087		15,110		15,084
Class B Common Stock		3,590		3,590		3,590		3,590
		18,696		18,677		18,700		18,674
Income per share for Basic:
Common Stock	$	1.14	$	0.99	$	3.49	$	2.88
Class B Common Stock	$	0.91	$	0.79	$	2.79	$	2.31

The Company is required to calculate diluted income per share for Common Stock using the more dilutive of the following two methods:

•

The treasury stock method; or

•

The two-class method assuming a participating security is not exercised or converted.

For the thirteen and twenty-six weeks ended February 24, 2024 and February 25, 2023, the Company’s diluted income per share assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following tables set forth the computation of diluted income per share of Common Stock for the thirteen and twenty-six weeks ended February 24, 2024 and February 25, 2023 (in thousands, except per share data):


	Thirteen Weeks Ended February 24, 2024						Twenty-Six Weeks Ended February 24, 2024
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	17,188		15,106	$	1.14	$	52,754		15,110	$	3.49
Add: effect of dilutive potential common shares
Share-Based Awards		—		58				—		58
Class B Common Stock		3,269		3,590				10,028		3,590
As reported – Diluted	$	20,457		18,754	$	1.09	$	62,782		18,758	$	3.35


	Thirteen Weeks Ended February 25, 2023						Twenty-Six Weeks Ended February 25, 2023
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	14,962		15,087	$	0.99	$	43,488		15,084	$	2.88
Add: effect of dilutive potential common shares
Share-Based Awards		—		90				—		83
Class B Common Stock		2,848		3,590				8,279		3,590
As reported – Diluted	$	17,810		18,767	$	0.95	$	51,767		18,757	$	2.76

Share-based awards that would result in the issuance of 24,861 and 74,881 shares of Common Stock were excluded from the calculation of diluted income per share for the thirteen and twenty-six weeks ended February 24, 2024, respectively, because they were anti-dilutive. Share-based awards that would result in the issuance of 23,494 and 56,188 shares of Common Stock were excluded from the calculation of diluted income per share for the thirteen and twenty-six weeks ended February 25, 2023, respectively, because they were anti-dilutive.