Earnings Per Share

9 Months Ended

May 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 7– EARNINGS PER SHARE

The following is a reconciliation from basic earnings per share (EPS) to diluted EPS.  Prior to the collection of the management stock loans in the second quarter of fiscal 2013, the 3.3million management stock loan common shares held in escrow were included in our basic EPS calculation during periods of net income and excluded in periods of net loss because they were determined to be participating securities and continued to have equivalent common stock dividend rights (in thousands, except per-share amounts).

	Quarter Ended				Three Quarters Ended
		May 31,		June 1,		May 31,		June 1,
		2014		2013		2014		2013
Numerator for basic and
diluted earnings per share:
Net income	$	1,922	$	2,111	$	5,612	$	6,599
Denominator for basic and
diluted earnings per share:
Basic weighted average shares
outstanding		16,754		16,330		16,678		17,680
Effect of dilutive securities:
Stock options and other
share-based awards		180		91		228		80
Common stock warrants		-		-		-		709
Diluted weighted average
shares outstanding		16,934		16,421		16,906		18,469
EPS Calculations:
Net income per share:
Basic	$	0.11	$	0.13	$	0.34	$	0.37
Diluted		0.11		0.13		0.33		0.36

At June 1, 2013, we had approximately 0.2 million stock options outstanding that were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of our common shares.  Although these shares were not included in our calculation of diluted EPS, these stock options, and other dilutive securities, including performance share-based compensation instruments, may have a dilutive effect on our EPS calculation in future periods if the price of our common stock increases.