Shares Repurchased and Dividends

3 Months Ended

Nov. 27, 2021

Equity [Abstract]

Shares Repurchased and Dividends

17. Shares Repurchased and Dividends

On October 20, 2021, the Company announced that it would be raising its quarterly dividend to $0.30 per share for Common Stock and to $0.24 per share for Class B Common Stock, up from $0.25 and $0.20 per share, respectively. The amount and timing of any future dividend payment is subject to the approval of the Board of Directors each quarter.

On January 2, 2019, the Company’s Board of Directors approved a share repurchase program (the “2019 Share Repurchase Program”) authorizing the Company to repurchase from time to time up to $100.0 million of its outstanding shares of Common Stock. On October 18, 2021, the Company’s Board of Directors authorized a new share repurchase program (the “2021 Share Repurchase Program” and, together with the 2019 Share Repurchase Program, the “Share Repurchase Programs”) to repurchase from time to time up to $100.0 million of our outstanding shares of Common Stock, inclusive of the amount which remained available under the existing share repurchase program approved on January 2, 2019. Repurchases made under the new program, if any, will be made in either the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will depend on a variety of factors, including economic and market conditions, the Company stock price, corporate liquidity requirements and priorities, applicable legal requirements and other factors. The share repurchase program will be funded using the Company’s available cash or capacity under its 2021 Credit Agreement and may be suspended or discontinued at any time. During the thirteen weeks ended November 27, 2021, the Company repurchased 22,750 shares for an average price per share of $209.73 under the Share Repurchase Programs. During the thirteen weeks ended November 28, 2020, the Company repurchased 41,000 shares for an average price per share of $176.01 under the 2019 Share Repurchase Program. As of November 27, 2021, the Company had $97.3 million remaining to repurchase under the 2021 Share Repurchase Program.