Net Income Per Share

9 Months Ended

May 26, 2012

Net Income Per Share [Abstract]

Net Income Per Share

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 26,		May 28,		May 26,		May 28,
	2012		2011		2012		2011
Net income	$	27,459	$	18,431	$	72,457	$	58,472
Allocation of net income for Basic:
Common Stock	$	21,587	$	14,453	$	56,926	$	45,810
Class B Common Stock		5,381		3,635		14,214		11,555
Unvested participating shares		491		343		1,317		1,107
	$	27,459	$	18,431	$	72,457	$	58,472
Weighted average number of shares for Basic:
Common Stock		14,905		14,810		14,872		14,780
Class B Common Stock		4,644		4,656		4,642		4,660
Unvested participating shares		387		401		393		407
		19,936		19,867		19,907		19,847
Earnings per share for Basic:
Common Stock	$	1.45	$	0.98	$	3.83	$	3.10
Class B Common Stock	$	1.16	$	0.78	$	3.06	$	2.48

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 26, 2012, 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 (in thousands, except per share data):

	Thirteen weeks							Thirty-nine weeks
	ended May 26, 2012							ended May 26, 2012
	Earnings							Earnings
	to Common			Common				to Common			Common
	Shareholders			Shares		EPS		Shareholders			Shares		EPS
As reported - Basic	$	21,587			14,905	$	1.45	$	56,926			14,872	$	3.83
Add: effect of dilutive potential common shares
Share-based awards		-			97				-			86
Class B Common Stock		5,381			4,644				14,214			4,642
Add: Undistributed earnings allocated to
unvested participating shares		478			-				1,279			-
Less: Undistributed earnings reallocated to
unvested participating shares		(453	)		-				(1,214	)		-
Diluted EPS - Common Stock	$	26,993			19,646	$	1.37	$	71,205			19,600	$	3.63

Share-based awards that would result in the issuance of 18,056 and 19,786 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen and thirty-nine weeks ended May 26, 2012, respectively, because they were anti-dilutive.

For the thirteen and thirty-nine weeks ended May 28, 2011, 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 (in thousands, except per share data):

	Thirteen weeks							Thirty-nine weeks
	ended May 28, 2011							ended May 28, 2011
	Earnings							Earnings
	to Common			Common				to Common			Common
	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
Share-based awards		-			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.