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				Twenty-six weeks ended
	February 25,		February 27,		February 25,		February 27,
	2017		2016		2017		2016

Net income available to shareholders	$	22,516	$	23,498	$	50,730	$	59,388

Allocation of net income for Basic:
Common Stock	$	17,836	$	18,691	$	40,178	$	47,232
Class B Common Stock		4,518		4,704		10,184		11,896
Unvested participating shares		162		103		368		260
	$	22,516	$	23,498	$	50,730	$	59,388

Weighted average number of shares for Basic:
Common Stock		15,305		15,241		15,295		15,230
Class B Common Stock		4,846		4,795		4,846		4,795
Unvested participating shares		139		96		140		95
		20,290		20,132		20,281		20,120

Earnings per share for Basic:
Common Stock	$	1.17	$	1.23	$	2.63	$	3.10
Class B Common Stock	$	0.93	$	0.98	$	2.10	$	2.48

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

twenty

six

weeks ended

February

25,

2017,

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

and

twenty

six

weeks ended

February

25,

2017

(in thousands, except per share data):

	Thirteen weeks ended February 25, 2017							T wenty-six weeks ended February 25, 2017
	Earnings							Earnings
	to Common			Common				to Common			Common
	shareholders			Shares		EPS		shareholders			Shares		EPS

As reported - Basic	$	17,836			15,305	$	1.17	$	40,178			15,295	$	2.63

Add: effect of dilutive potential common shares
Share-Based Awards		—			112				—			109
Class B Common Stock		4,518			4,846				10,184			4,846

Add: Undistributed earnings allocated to unvested participating shares		158			—				357
												—
Less: Undistributed earnings reallocated to unvested participating shares		(150	)		—				(338	)		—

Diluted EPS – Common Stock	$	22,362			20,263	$	1.10	$	50,381			20,250	$	2.49

Share-based awards that would result in the issuance of

11,821

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

thirteen

weeks ended

February

25,

2017

because they were anti-dilutive. There were

share-based awards that were excluded from the calculation of diluted earnings per share for the

twenty

six

weeks ended

February

25,

2017

because they were anti-dilutive.

For the

thirteen

and

twenty

six

weeks ended

February

27,

2016,

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 it was the more dilutive of the

two

methods. The following table sets forth the computation of diluted earnings per share of Common Stock for the

thirteen

and

twenty

six

weeks ended

February

27,

2016

(in thousands, except per share data):

	Thirteen weeks							Twenty-six weeks
	ended February 27, 2016							ended February 27, 2016
	Earnings							Earnings
	to Common			Common				to Common			Common
	Shareholders			Shares		EPS		Shareholders			Shares		EPS

As reported - Basic	$	18,691			15,241	$	1.23	$	47,232			15,230	$	3.10

Add: effect of dilutive potential common shares
Share-based awards		—			102				—			102
Class B Common Stock		4,704			4,795				11,896			4,795

Add: Undistributed earnings allocated to unvested participating shares		100			—				253			—

Less: Undistributed earnings reallocated to unvested participating shares		(94	)		—				(240	)		—

Diluted EPS – Common Stock	$	23,401			20,138	$	1.16	$	59,141			20,127	$	2.94

Share-based awards that would result in the issuance of

700

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

thirteen

weeks ended

February

27,

2016

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

3,909

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

twenty

six

weeks ended

February

27,

2016

because they were anti-dilutive.