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Earnings Per Share
12 Months Ended
Oct. 01, 2011
Earnings Per Share [Abstract] 
Earnings (Loss) Per Share

(13) Earnings Per Share

Effective October 4, 2009, the Company adopted certain provisions of ASC Topic 260, Earnings Per Share, which requires unvested share-based payment awards that contain non-forfeitable rights to dividends (whether paid or unpaid) to be treated as participating securities and included in the computation of basic earnings per share. The Company’s participating securities are its unvested restricted stock awards (“RSAs”). As required under the provisions that were adopted, prior period amounts have been retrospectively adjusted to reflect the impact of the allocation to participating securities. Because the Company’s unvested RSAs do not contractually participate in its losses, the Company has not allocated such losses to the unvested RSAs in computing basic earnings per share using the two-class method for the fiscal year ended October 3, 2009.

The computation of basic and diluted earnings per share attributable to common shareholders is as follows:

 

                         
    Year Ended  
(In thousands, except per share amounts)   October 1,
2011		     October 2,
2010		     October 3,
2009		  

Earnings (loss) from continuing operations

   $ (387 )    $ 458     $ (20,940 ) 

Less allocation to participating securities

     —       (2 )      —  
   

 

 

    

 

 

    

 

 

  

Available to Insteel common shareholders

   $ (387 )    $ 456     $ (20,940 ) 
   

 

 

    

 

 

    

 

 

  
       

Earnings (loss) from discontinued operations net of income taxes

   $ —     $ 15     $ (1,146 ) 

Less allocation to participating securities

     —       —       —  
   

 

 

    

 

 

    

 

 

  

Available to Insteel common shareholders

   $ —     $ 15     $ (1,146 ) 
   

 

 

    

 

 

    

 

 

  
       

Net earnings (loss)

   $ (387 )    $ 473     $ (22,086 ) 

Less allocation to participating securities

     —       (2 )      —  
   

 

 

    

 

 

    

 

 

  

Available to Insteel common shareholders

   $ (387 )    $ 471     $ (22,086 ) 
   

 

 

    

 

 

    

 

 

  
       

Basic weighted average shares outstanding

     17,562       17,466       17,380  

Dilutive effect of stock-based compensation

     —       98       —  
   

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding

     17,562       17,564       17,380  
   

 

 

    

 

 

    

 

 

  
       

Per share basic:

                        

Earnings (loss) from continuing operations

   $ (0.02 )    $ 0.03     $ (1.20 ) 

Loss from discontinued operations

     —       —       (0.07 ) 
   

 

 

    

 

 

    

 

 

  

Net earnings (loss)

   $ (0.02 )    $ 0.03     $ (1.27 ) 
   

 

 

    

 

 

    

 

 

  
       

Per share diluted:

                        

Earnings (loss) from continuing operations

   $ (0.02 )    $ 0.03     $ (1.20 ) 

Loss from discontinued operations

     —       —       (0.07 ) 
   

 

 

    

 

 

    

 

 

  

Net earnings (loss)

   $ (0.02 )    $ 0.03     $ (1.27 ) 
   

 

 

    

 

 

    

 

 

  

Options, restricted stock awards and RSUs representing 582,000 shares in 2011, 577,000 shares in 2010 and 668,000 shares in 2009 were antidilutive and were not included in the diluted EPS computation. Options and restricted stock awards representing 223,000 shares and 130,000 shares were not included in the diluted EPS calculation in 2011 and 2009, respectively, due to the net losses that were incurred.