Income Per Share

9 Months Ended

May 25, 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				Thirty-Nine Weeks Ended
	May 25, 2024		May 27, 2023		May 25, 2024		May 27, 2023
Net income available to shareholders	$	38,057	$	24,276	$	100,839	$	76,043
Allocation of net income for Basic:
Common Stock	$	31,962	$	20,394	$	84,716	$	63,882
Class B Common Stock		6,095		3,882		16,123		12,161
	$	38,057	$	24,276	$	100,839	$	76,043
Weighted average number of shares for Basic:
Common Stock		15,062		15,087		15,094		15,084
Class B Common Stock		3,590		3,590		3,590		3,590
		18,652		18,677		18,684		18,674
Income per share for Basic:
Common Stock	$	2.12	$	1.35	$	5.61	$	4.23
Class B Common Stock	$	1.70	$	1.08	$	4.49	$	3.39

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 thirty-nine weeks ended May 25, 2024 and May 27, 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 thirty-nine weeks ended May 25, 2024 and May 27, 2023 (in thousands, except per share data):


	Thirteen Weeks Ended May 25, 2024						Thirty-Nine Weeks Ended May 25, 2024
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	31,962		15,062	$	2.12	$	84,716		15,094	$	5.61
Add: effect of dilutive potential common shares
Share-Based Awards		—		53				—		54
Class B Common Stock		6,095		3,590				16,123		3,590
As reported – Diluted	$	38,057		18,705	$	2.03	$	100,839		18,738	$	5.38


	Thirteen Weeks Ended May 27, 2023						Thirty-Nine Weeks Ended May 27, 2023
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	20,394		15,087	$	1.35	$	63,882		15,084	$	4.23
Add: effect of dilutive potential common shares
Share-Based Awards		—		71				—		77
Class B Common Stock		3,882		3,590				12,161		3,590
As reported – Diluted	$	24,276		18,748	$	1.29	$	76,043		18,751	$	4.06

Share-based awards that would result in the issuance of 42,686 and 59,307 shares of Common Stock were excluded from the calculation of diluted income per share for the thirteen and thirty-nine weeks ended May 25, 2024, respectively, because they were anti-dilutive. Share-based awards that would result in the issuance of 37,746 and 55,970 shares of Common Stock were excluded from the calculation of diluted income per share for the thirteen and thirty-nine weeks ended May 27, 2023, respectively, because they were anti-dilutive.