Note 7 - Net Income Per Share

3 Months Ended

Nov. 26, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

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
	November 2 6 ,		November 2 8 ,
	201 6		201 5
Net income available to shareholders	$	28,214	$	35,890
Allocation of net income for Basic:
Common Stock	$	22,342	$	28,539
Class B Common Stock		5,668		7,193
Unvested participating shares		204		158
	$	28,214	$	35,890
Weighted average number of shares for Basic:
Common Stock		15,285		15,218
Class B Common Stock		4,847		4,795
Unvested participating shares		140		95
		20,272		20,108
Earnings per share for Basic:
Common Stock	$	1.46	$	1.88
Class B Common Stock	$	1.17	$	1.50

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

26,

2016

and

November

28,

2015,

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

26,

2016

and

November

28,

2015

(in thousands, except per share data):

	Thirteen weeks ended November 26, 2016							Thirteen weeks ended November 28, 2015
	Earnings							Earnings
	to Common			Common				to Common			Common
	shareholders			Shares		EPS		shareholders			Shares		EPS
As reported - Basic	$	22,342			15,285	$	1.46	$	28,539			15,218	$	1.88
Add: effect of dilutive potential common shares
Share-Based Awards		—			117				—			119
Class B Common Stock		5,668			4,847				7,193			4,795
Add: Undistributed earnings allocated to unvested participating shares		199			—				154			—
Less: Undistributed earnings reallocated to unvested participating shares		(189	)		—				(145	)		—
Diluted EPS – Common Stock	$	28,020			20,249	$	1.38	$	35,741			20,132	$	1.78

There were no share - based awards that were excluded from the calculation of diluted earnings per share for the

thirteen

weeks ended

November

26,

2016

because they were anti - dilutive.     Share - based awards that would result in the issuance of

8,761

shares of Common Stock were excluded from the calculation of diluted earnings per share for the

thirteen

weeks ended

November

28,

2015

because they were anti - dilutive.