Net Income Per Share

9 Months Ended

May 28, 2011

Notes To Financial Statements [Abstract]

7. Net Income Per Share

The Company calculates net income per share in accordance with US GAAP, which requires the Company to allocate income to its unvested participating securities as part of its earnings per share ("EPS") calculations. The following table sets forth the computation of basic earnings 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 28,		May 29,		May 28,		May 29,
	2011		2010		2011		2010

Net income	$	18,431	$	19,314	$	58,472	$	59,116

Allocation of net income for Basic:
Common Stock	$	14,453	$	15,145	$	45,810	$	46,388
Class B Common Stock		3,635		3,949		11,555		12,479
Unvested participating shares		343		220		1,107		249
	$	18,431	$	19,314	$	58,472	$	59,116

Weighted average number of shares for Basic:
Common Stock		14,810		14,645		14,780		14,510
Class B Common Stock		4,656		4,766		4,660		4,877
Unvested participating shares		401		249		407		90
		19,867		19,660		19,847		19,477

Earnings per share for Basic:
Common Stock	$	0.98	$	1.03	$	3.10	$	3.20
Class B Common Stock		0.78		0.83		2.48		2.56

For diluted EPS, the Company is required to calculate diluted EPS 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 28, 2011 and May 29, 2010, the Company's diluted EPS assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares as follows:

	Thirteen weeks							Thirty-nine weeks
	ended May 28, 2011							ended May 28, 2011
	Earnings							Earnings
	to Common			Common				to Common			Common
(In thousands except per share data)	shareholders			Shares		EPS		shareholders			Shares		EPS

As reported - Basic	$	14,453			14,810	$	0.98	$	45,810			14,780	$	3.10

Add: effect of dilutive potential common shares
Common Stock options		-			83				-			82
Class B Common Stock		3,635			4,656				11,555			4,660

Add: Undistributed earnings allocated to
unvested participating shares		330			-				1,067			-

Less: Undistributed earnings reallocated to
unvested participating shares		(313	)		-				(1,012	)		-

Diluted EPS - Common Stock	$	18,105			19,549	$	0.93	$	57,420			19,522	$	2.94

Share-based awards that would result in the issuance of 23,549 and 116,852 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen and thirty-nine weeks ended May 28, 2011, respectively, because they were anti-dilutive.

	Thirteen weeks							Thirty-nine weeks
	ended May 29, 2010							ended May 29, 2010
	Earnings							Earnings
	to Common			Common				to Common			Common
(In thousands except per share data)	shareholders			Shares		EPS		shareholders			Shares		EPS

As reported - Basic	$	15,145			14,645	$	1.03	$	46,388			14,510	$	3.20

Add: effect of dilutive potential common shares
Common Stock options		-			79				-			68
Class B Common Stock		3,949			4,766				12,479			4,877

Add: Undistributed earnings allocated to
unvested participating shares		220			-				249			-

Less: Undistributed earnings reallocated to
unvested participating shares		(208	)		-				(236	)		-

Diluted EPS - Common Stock	$	19,106			19,490	$	0.98	$	58,880			19,455	$	3.03

Stock options to purchase 10,689 and 17,017 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen and thirty-nine weeks ended May 29, 2010, respectively, because they were anti-dilutive.