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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2012
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      Nine Months Ended  
     Sept. 30, 2012     Oct. 2, 2011      Sept. 30, 2012     Oct. 2, 2011  

Earnings Per Share

          

Basic Earnings Per Share from Continuing Operations:

          

Distributed Earnings

    $ 0.03      $ 0.02       $ 0.07      $ 0.06   

Undistributed Earnings

      0.14        0.16         0.17        0.45   
  

 

 

    

 

 

     

 

 

    

 

 

  

Total

    $ 0.17      $ 0.18       $ 0.24      $ 0.51   
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted Earnings Per Share from Continuing Operations:

          

Distributed Earnings

    $ 0.03      $ 0.02       $ 0.07      $ 0.06   

Undistributed Earnings

      0.14        0.16         0.17        0.45   
  

 

 

    

 

 

     

 

 

    

 

 

  

Total

    $ 0.17      $ 0.18       $ 0.24      $ 0.51   
  

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (Loss) Per Share

          

Continuing Operations

    $ 0.17      $ 0.18       $ 0.24      $ 0.51   

Discontinued Operations

      (0.26 )      0.01         (0.26 )      0.02   
  

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (Loss) Per Share

    $ (0.09 )    $ 0.19       $ (0.02 )    $ 0.53   
  

 

 

    

 

 

     

 

 

    

 

 

  

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

 

     Three Months Ended      Nine Months Ended  
     Sept. 30, 2012      Oct. 2, 2011      Sept. 30, 2012     Oct. 2, 2011  
            (In millions)        

Net Income

    $ 0.0       $ 0.3       $ (0.5 )    $ 0.9   

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

 

     Three Months Ended      Nine Months Ended  
     Sept. 30, 2012      Oct. 2, 2011      Sept. 30, 2012      Oct. 2, 2011  
            (In thousands)         

Weighted Average Shares Outstanding

      63,983         63,703         63,729         63,462   

Participating Securities

      1,974         1,766         1,974         1,766   
  

 

 

     

 

 

     

 

 

     

 

 

  

Shares for Basic Earnings Per Share

      65,957         65,469         65,703         65,228   

Dilutive Effect of Stock Options

      172         207         99         229   
  

 

 

     

 

 

     

 

 

     

 

 

  

Shares for Diluted Earnings Per Share

      66,129         65,676         65,802         65,457   
  

 

 

     

 

 

     

 

 

     

 

 

  

The following chart depicts options to purchase shares of common stock that were excluded from the calculation of diluted EPS as their inclusion would be anti-dilutive:

 

     Three Months Ended      Nine Months Ended  
     Sept. 30, 2012      Oct. 2, 2011      Sept. 30, 2012      Oct. 2, 2011  
            (In thousands)         

Shares Excluded

      83         249         264         20