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Note 13 - Earnings (Loss) Per Share
 12 Months Ended
Sep. 29, 2012
Earnings Per Share [Text Block]
(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”).

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

   
Year Ended
 
(In thousands, except per share amounts)
 
September 29,
2012
   
October 1,
2011
   
October 2,
2010
 
Earnings (loss) from continuing operations
  $ 1,809     $ (387 )   $ 458  
Less allocation to participating securities
    -       -       (2 )
Available to Insteel common shareholders
  $ 1,809     $ (387 )   $ 456  
                         
Earnings from discontinued operations net of income taxes
  $ -     $ -     $ 15  
Less allocation to participating securities
    -       -       -  
Available to Insteel common shareholders
  $ -     $ -     $ 15  
                         
Net earnings (loss)
  $ 1,809     $ (387 )   $ 473  
Less allocation to participating securities
    -       -       (2 )
Available to Insteel common shareholders
  $ 1,809     $ (387 )   $ 471  
                         
Basic weighted average shares outstanding
    17,664       17,562       17,466  
Dilutive effect of stock-based compensation
    326       -       98  
Diluted weighted average shares outstanding
    17,990       17,562       17,564  
                         
Per share basic and diluted:
                       
Earnings (loss) from continuing operations
  $ 0.10     $ (0.02 )   $ 0.03  
Loss from discontinued operations
    -       -       -  
Net earnings (loss)
  $ 0.10     $ (0.02 )   $ 0.03  

Options, restricted stock awards and RSUs representing 600,000 shares in 2012, 582,000 shares in 2011 and 577,000 shares in 2010 were antidilutive and were not included in the diluted EPS computation. Options and restricted stock awards representing 223,000 shares were not included in the diluted EPS calculation in 2011 due to the net losses that were incurred.