Note 12 - Income Taxes

6 Months Ended

Feb. 25, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12.

Income Taxes

The Company’s effective income tax rate was

39.8%

and

39.2%

for the

thirteen

and

twenty

-

six

weeks ended

February

25,

2017

respectively, as compared to

39.7%

and

39.0%

for the

thirteen

and

twenty

-

six

weeks ended

February

27,

2016

respectively. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense

which is consistent with the recognition of these items in prior reporting periods.

During the

twenty

-

six

weeks ended

February

25,

2017,

there were no material changes in the amount of unrecognized tax benefits or the amount accrued for interest and penalties.

U.S. and Canadian federal income tax statutes have lapsed for filings up to and including fiscal years

2012

and

2008,

respectively, and the Company has concluded an audit of U.S. federal income taxes for

2010

and

2011.

With a few exceptions, the Company is no longer subject to state and local income tax examinations for periods prior to fiscal

2011.

The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next

12

 months.