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Earnings Per Share
 3 Months Ended
Apr. 01, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 3 – EARNINGS PER SHARE

The Company computes basic earnings per share (“EPS”) by dividing net income (loss), by the weighted-average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings.

 

The Company includes all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS when the Company is in an income position. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following tables show distributed and undistributed earnings:

 

                 
    Three Months Ended  
    April 1, 2012     April 3, 2011  

Earnings Per Share

                

Basic Earnings (Loss) Per Share Attributable to Common Stockholders:

                

Distributed Earnings

   $ (0.02 )    $ 0.02  

Undistributed Earnings

     (0.07 )      0.13  
   

 

 

    

 

 

  

Total

   $ (0.09 )    $ 0.15  
   

 

 

    

 

 

  

Diluted Earnings (Loss) Per Share Attributable to Common Stockholders:

                

Distributed Earnings

   $ (0.02 )    $ 0.02  

Undistributed Earnings

     (0.07 )      0.13  
   

 

 

    

 

 

  

Total

   $ (0.09 )    $ 0.15  
   

 

 

    

 

 

  

The following table presents net income (loss) that was attributable to participating securities.

 

                 
    Three Months Ended  
    April 1, 2012     April 3, 2011  
    (In millions)  

Net Income (Loss)

     —         0.2  

The weighted average shares for basic and diluted EPS were as follows:

 

                 
    Three Months Ended  
    April 1, 2012     April 3, 2011  
    (In thousands)  

Weighted Average Shares Outstanding

     63,443       63,246  

Participating Securities

     —         1,576  
   

 

 

    

 

 

  

Shares for Basic Earnings Per Share

     63,443       64,822  

Dilutive Effect of Stock Options

     —         368  
   

 

 

    

 

 

  

Shares for Diluted Earnings Per Share

     63,443       65,190  
   

 

 

    

 

 

  

For the three months ended April 1, 2012 and April 3, 2011, options to purchase 535,000 shares and 219,000 shares of common stock, respectively, were not included in the computation of diluted EPS as their impact would be anti-dilutive. For the three months ended April 1, 2012, 2,009,000 shares of participating securities were excluded from the computation of EPS as their impact would be anti-dilutive.