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Note 3 - Earnings Per Share

9 Months Ended

Sep. 28, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 – EARNINGS (LOSS) PER SHARE

The Company computes basic earnings (loss) 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. 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. 28, 2014				Sept. 29, 2013				Sept. 28, 2014				Sept. 29, 2013
Earnings (Loss) Per Share

Basic Earnings (Loss) Per Share
Distributed Earnings		$	0.03			$	0.03			$	0.10			$	0.08
Undistributed Earnings			(0.04	)			0.20				0.15				0.42
Total		$	(0.01	)		$	0.23			$	0.25			$	0.50

Diluted Earnings (Loss) Per Share
Distributed Earnings		$	0.03			$	0.03			$	0.10			$	0.08
Undistributed Earnings			(0.04	)			0.20				0.15				0.42
Total		$	(0.01	)		$	0.23			$	0.25			$	0.50

Basic Earnings (Loss) Per Share		$	(0.01	)		$	0.23			$	0.25			$	0.50
Diluted Earnings (Loss) Per Share		$	(0.01	)		$	0.23			$	0.25			$	0.50

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

		Three Months Ended								Nine Months Ended
		Sept. 28, 2014				Sept. 29, 2013				Sept. 28, 2014				Sept. 29, 2013
						(In millions)
Net Income (Loss)		$	0.0			$	0.4			$	0.4			$	0.9

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

		Three Months Ended								Nine Months Ended
		Sept. 28, 2014				Sept. 29, 2013				Sept. 28, 2014				Sept. 29, 2013
						(In thousands)
Weighted Average Shares Outstanding			65,045				64,446				65,050				64,423
Participating Securities			1,420				1,737				1,420				1,737
Shares for Basic Earnings (Loss) Per Share			66,465				66,183				66,470				66,160
Dilutive Effect of Stock Options			0				134				84				129
Shares for Diluted Earnings (Loss) Per Share			66,465				66,317				66,554				66,289

For the three-month period ended September 28, 2014, no stock options have been included in the calculation of diluted EPS as the Company was in a net loss position and inclusion of these stock options would have been anti-dilutive. For all other periods presented, all outstanding stock options have been included in the calculation of diluted EPS.

- Definition

The entire disclosure for earnings per share.

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