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Note 3 - Earnings Per Share
 3 Months Ended
Apr. 05, 2015
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

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 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 5,

2015

   

March 30,

2014

 

Earnings Per Share:

               
                 

Basic Earnings Per Share:

               

Distributed Earnings

  $ 0.04     $ 0.03  

Undistributed Earnings

    0.15       0.03  

Total

  $ 0.19     $ 0.06  
                 

Diluted Earnings Per Share:

               

Distributed Earnings

  $ 0.04     $ 0.03  

Undistributed Earnings

    0.15       0.03  

Total

  $ 0.19     $ 0.06  
                 
Basic earnings per share   $ 0.19     $ 0.06  
Diluted earnings per share   $ 0.19     $ 0.06  

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


   

Three Months Ended

 
   

April 5,

2015

   

March 30,

2014

 
   

(In millions)

 

Net Income

  $ 0.3     $ 0.1  

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


   

Three Months Ended

 
   

April 5,

2015

   

March 30,

2014

 
   

(In thousands)

 

Weighted Average Shares Outstanding

    64,930       65,000  

Participating Securities

    1,490       1,471  

Shares for Basic Earnings Per Share

    66,420       66,471  

Dilutive Effect of Stock Options

    51       101  

Shares for Diluted Earnings Per Share

    66,471       66,572  

For the three months ended April 5, 2015 and March 30, 2014, there were no options or participating securities excluded from the computation of diluted EPS.