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Earnings Per Share
 6 Months Ended
Jul. 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 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. 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     Six Months Ended  
    July 1, 2012     July 3, 2011     July 1, 2012     July 3, 2011  

Earnings Per Share

                                

Basic Earnings Per Share:

                                

Distributed Earnings

   $ 0.02     $ 0.02     $ 0.04     $ 0.04  

Undistributed Earnings

     0.14       0.18       0.03       0.31  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 0.16     $ 0.20     $ 0.07     $ 0.35  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted Earnings Per Share:

                                

Distributed Earnings

   $ 0.02     $ 0.02     $ 0.04     $ 0.04  

Undistributed Earnings

     0.14       0.18       0.03       0.31  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 0.16     $ 0.20     $ 0.07     $ 0.35  
   

 

 

    

 

 

    

 

 

    

 

 

  

The following tables present net income that was attributable to participating securities:

 

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

Net Income

   $ 0.3     $ 0.3     $ 0.1     $ 0.6  

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

 

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

Weighted Average Shares Outstanding

     63,927       63,623       63,676       63,333  

Participating Securities

     2,025       1,775       2,025       1,775  
   

 

 

    

 

 

    

 

 

    

 

 

  

Shares for Basic Earnings Per Share

     65,952       65,398       65,701       65,108  

Dilutive Effect of Stock Options

     176       279       167       255  
   

 

 

    

 

 

    

 

 

    

 

 

  

Shares for Diluted Earnings Per Share

     66,128       65,677       65,868       65,363  
   

 

 

    

 

 

    

 

 

    

 

 

  

For the three-month periods ended July 1, 2012, and July 3, 2011, options to purchase 274,000 and 20,000 shares of common stock, respectively, were not included in the computation of diluted EPS as their impact would be anti-dilutive. For the six-month periods ended July 1, 2012, and July 3, 2011, options to purchase 274,000 and 20,000 shares of common stock, respectively, were not included in the computation of diluted EPS as their impact would be anti-dilutive.