Note 6 - Net Income Per Share

3 Months Ended

Nov. 29, 2014

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 29,		November 30,
	2014		2013
Net income available to shareholders	$	37,413	$	34,462
Allocation of net income for Basic:
Common Stock	$	29,649	$	27,208
Class B Common Stock		7,434		6,798
Unvested participating shares		330		456
	$	37,413	$	34,462
Weighted average number of shares for Basic:
Common Stock		15,128		15,029
Class B Common Stock		4,741		4,693
Unvested participating shares		192		288
		20,061		20,010
Earnings per share for Basic:
Common Stock	$	1.96	$	1.81
Class B Common Stock	$	1.57	$	1.45

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 29, 2014 and November 30, 2013, 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 29, 2014 and November 30, 2013 (in thousands, except per share data):

	Thirteen weeks ended November 29, 2014							Thirteen weeks ended November 30, 2013
	Earnings							Earnings
	to Common			Common				to Common			Common
	shareholders			Shares		EPS		shareholders			Shares		EPS
As reported - Basic	$	29,649			15,128	$	1.96	$	27,208			15,029	$	1.81
Add: effect of dilutive potential common shares
Share-Based Awards		—			139				—			169
Class B Common Stock		7,434			4,741				6,798			4,693
Add: Undistributed earnings allocated to unvested participating shares		323			—				447			—
Less: Undistributed earnings reallocated to unvested participating shares		(305	)		—				(422	)		—
Diluted EPS – Common Stock	$	37,101			20,008	$	1.85	$	34,031			19,891	$	1.71

Share-based awards that would result in the issuance of 635 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended November 29, 2014 because they were anti-dilutive.  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.