Note 6 - Net Income Per Share

3 Months Ended

Nov. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

6.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
	November 30, 2013		November 24, 2012
Net income available to shareholders	$	34,462	$	30,760
Allocation of net income for Basic:
Common Stock	$	27,208	$	24,191
Class B Common Stock		6,798		6,025
Unvested participating shares		456		544
	$	34,462	$	30,760
Weighted average number of shares for Basic:
Common Stock		15,029		14,925
Class B Common Stock		4,693		4,647
Unvested participating shares		288		383
		20,010		19,955
Earnings per share for Basic:
Common Stock	$	1.81	$	1.62
Class B Common Stock	$	1.45	$	1.30

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 weeks ended November 30, 2013 and November 24, 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. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen weeks ended November 30, 2013 and November 24, 2012 as follows (in thousands, except per share data):

	Thirteen weeks ended November 30, 2013							Thirteen weeks ended November 24, 2012
	Earnings to Common shareholders			Common Shares		EPS		Earnings to Common shareholders			Common Shares		EPS
As reported - Basic	$	27,208			15,029	$	1.81	$	24,191			14,925	$	1.62
Add: effect of dilutive potential common shares
Share-Based Awards		—			169				—			121
Class B Common Stock		6,798			4,693				6,025			4,647
Add: Undistributed earnings allocated to unvested participating shares		447			—				531			—
Less: Undistributed earnings reallocated to unvested participating shares		(422	)		—				(503	)		—
Diluted EPS – Common Stock		34,031			19,891	$	1.71		30,244			19,693	$	1.54

Share-based awards that would result in the issuance of 160 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended November 30, 2013 because they were anti-dilutive.  There were no share-based awards that were excluded from the calculation of diluted earnings per share for the thirteen weeks ended November 24, 2012 because they were anti-dilutive.