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CALCULATION OF EARNINGS PER SHARE | 9 Months Ended
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Mar. 02, 2013
CALCULATION OF EARNINGS PER SHARE | 11. CALCULATION OF EARNINGS PER SHARE We have authorized 30,000,000 shares of common stock, 10,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock. The Class B common stock has 10 votes per share and has transferability restrictions; however, Class B common stock may be converted into common stock on a share-for-share basis at any time. With respect to dividends and distributions, shares of common stock and Class B common stock rank equally and have the same rights, except that Class B common stock cash dividends are limited to 90% of the amount of Class A common stock cash dividends. In accordance with ASC 260-10, Earnings Per Share (“ASC 260”), our Class B common stock is considered a participating security requiring the use of the two-class method for the computation of basic and diluted earnings per share. The two-class computation method for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Basic and diluted earnings per share were computed using the two-class method as prescribed in ASC 260. The shares of Class B common stock are considered to be participating convertible securities since the shares of Class B common stock are convertible on a share-for-share basis into shares of common stock and may participate in dividends with common stock according to a predetermined formula which is 90% of the amount of Class A common stock cash dividends. The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive income (loss) are based on the following amounts (in thousands, except per share amounts):
|  | Three Months Ended |
|  | March 2, 2013 |  |  | March 3, 2012 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Numerator for Basic and Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 586 |  |  | $ | 586 |  |  | $ | 1,591 |  |  | $ | 1,591 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 738 |  |  |  | 738 |  |  |  | 698 |  |  |  | 698 |
Class B common stock |  |  | 148 |  |  |  | 148 |  |  |  | 132 |  |  |  | 132 |
Undistributed earnings (losses) |  | $ | (300 | ) |  | $ | (300 | ) |  | $ | 761 |  |  | $ | 761 |
Common stock undistributed earnings (losses) |  | $ | (250 | ) |  | $ | (250 | ) |  | $ | 640 |  |  | $ | 640 |
Class B common stock undistributed earnings (losses) |  |  | (50 | ) |  |  | (50 | ) |  |  | 121 |  |  |  | 121 |
Total undistributed earnings (losses) |  | $ | (300 | ) |  | $ | (300 | ) |  | $ | 761 |  |  | $ | 761 |
Loss from discontinued operations |  | $ | (182 | ) |  | $ | (182 | ) |  | $ | (252 | ) |  | $ | (252 | )
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 738 |  |  |  | 738 |  |  |  | 698 |  |  |  | 698 |
Class B common stock |  |  | 148 |  |  |  | 148 |  |  |  | 132 |  |  |  | 132 |
Undistributed losses |  | $ | (1,068 | ) |  | $ | (1,068 | ) |  | $ | (1,082 | ) |  | $ | (1,082 | )
Common stock undistributed losses |  | $ | (890 | ) |  | $ | (891 | ) |  | $ | (909 | ) |  | $ | (911 | )
Class B common stock undistributed losses |  |  | (178 | ) |  |  | (177 | ) |  |  | (173 | ) |  |  | (171 | )
Total undistributed losses |  | $ | (1,068 | ) |  | $ | (1,068 | ) |  | $ | (1,082 | ) |  | $ | (1,082 | )
Net income |  | $ | 404 |  |  | $ | 404 |  |  | $ | 1,339 |  |  | $ | 1,339 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 738 |  |  |  | 738 |  |  |  | 698 |  |  |  | 698 |
Class B common stock |  |  | 148 |  |  |  | 148 |  |  |  | 132 |  |  |  | 132 |
Undistributed earnings (losses) |  | $ | (482 | ) |  | $ | (482 | ) |  | $ | 509 |  |  | $ | 509 |
Common stock undistributed earnings (losses) |  | $ | (401 | ) |  | $ | (402 | ) |  | $ | 428 |  |  | $ | 428 |
Class B common stock undistributed earnings (losses) |  |  | (81 | ) |  |  | (80 | ) |  |  | 81 |  |  |  | 81 |
Total undistributed earnings (losses) |  | $ | (482 | ) |  | $ | (482 | ) |  | $ | 509 |  |  | $ | 509 |
Denominator for basic and diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock weighted average shares |  |  | 12,292 |  |  |  | 12,292 |  |  |  | 13,988 |  |  |  | 13,988 |
Class B common stock weighted average shares, and shares under if-converted method for diluted EPS |  |  | 2,740 |  |  |  | 2,740 |  |  |  | 2,940 |  |  |  | 2,940 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dilutive stock options |  |  |  |  |  |  | 133 |  |  |  |  |  |  |  | 122 |
Denominator for diluted EPS adjusted for weighted average shares and assumed conversions |  |  |  |  |  |  | 15,165 |  |  |  |  |  |  |  | 17,050 |
Income from continuing operations per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 0.04 |  |  | $ | 0.04 |  |  | $ | 0.10 |  |  | $ | 0.09 |
Class B common stock |  | $ | 0.04 |  |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.09 |
Loss from discontinued operations per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.02 | ) |  | $ | (0.01 | )
Class B common stock |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.01 | )
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 0.03 |  |  | $ | 0.03 |  |  | $ | 0.08 |  |  | $ | 0.08 |
Class B common stock |  | $ | 0.03 |  |  | $ | 0.03 |  |  | $ | 0.08 |  |  | $ | 0.08 |
Note: Common stock options that were anti-dilutive and not included in diluted earnings per common share for the third quarter of fiscal 2013 and fiscal 2012 were 282,564 and 274,564, respectively.
|  | Nine Months Ended |
|  | March 2, 2013 |  |  | March 3, 2012 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Numerator for Basic and Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 1,901 |  |  | $ | 1,901 |  |  | $ | 4,249 |  |  | $ | 4,249 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 2,233 |  |  |  | 2,233 |  |  |  | 2,111 |  |  |  | 2,111 |
Class B common stock |  |  | 452 |  |  |  | 452 |  |  |  | 397 |  |  |  | 397 |
Undistributed earnings (losses) |  | $ | (784 | ) |  | $ | (784 | ) |  | $ | 1,741 |  |  | $ | 1,741 |
Common stock undistributed earnings (losses) |  | $ | (652 | ) |  | $ | (653 | ) |  | $ | 1,466 |  |  | $ | 1,468 |
Class B common stock undistributed earnings (losses) |  |  | (132 | ) |  |  | (131 | ) |  |  | 275 |  |  |  | 273 |
Total undistributed earnings (losses) |  | $ | (784 | ) |  | $ | (784 | ) |  | $ | 1,741 |  |  | $ | 1,741 |
Income (loss) from discontinued operations |  | $ | (472 | ) |  | $ | (472 | ) |  | $ | 1,551 |  |  | $ | 1,551 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 2,233 |  |  |  | 2,233 |  |  |  | 2,111 |  |  |  | 2,111 |
Class B common stock |  |  | 452 |  |  |  | 452 |  |  |  | 397 |  |  |  | 397 |
Undistributed losses |  | $ | (3,157 | ) |  | $ | (3,157 | ) |  | $ | (957 | ) |  | $ | (957 | )
Common stock undistributed losses |  | $ | (2,624 | ) |  | $ | (2,629 | ) |  | $ | (806 | ) |  | $ | (807 | )
Class B common stock undistributed losses |  |  | (533 | ) |  |  | (528 | ) |  |  | (151 | ) |  |  | (150 | )
Total undistributed losses |  | $ | (3,157 | ) |  | $ | (3,157 | ) |  | $ | (957 | ) |  | $ | (957 | )
Net income |  | $ | 1,429 |  |  | $ | 1,429 |  |  | $ | 5,800 |  |  | $ | 5,800 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 2,233 |  |  |  | 2,233 |  |  |  | 2,111 |  |  |  | 2,111 |
Class B common stock |  |  | 452 |  |  |  | 452 |  |  |  | 397 |  |  |  | 397 |
Undistributed earnings (losses) |  | $ | (1,256 | ) |  | $ | (1,256 | ) |  | $ | 3,292 |  |  | $ | 3,292 |
Common stock undistributed earnings (losses) |  | $ | (1,044 | ) |  | $ | (1,046 | ) |  | $ | 2,771 |  |  | $ | 2,776 |
Class B common stock undistributed earnings (losses) |  |  | (212 | ) |  |  | (210 | ) |  |  | 521 |  |  |  | 516 |
Total undistributed earnings (losses) |  | $ | (1,256 | ) |  | $ | (1,256 | ) |  | $ | 3,292 |  |  | $ | 3,292 |
Denominator for basic and diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock weighted average shares |  |  | 12,500 |  |  |  | 12,500 |  |  |  | 14,134 |  |  |  | 14,134 |
Class B common stock weighted average shares, and shares under if-converted method for diluted EPS |  |  | 2,822 |  |  |  | 2,822 |  |  |  | 2,944 |  |  |  | 2,944 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dilutive stock options |  |  |  |  |  |  | 133 |  |  |  |  |  |  |  | 166 |
Denominator for diluted EPS adjusted for weighted average shares and assumed conversions |  |  |  |  |  |  | 15,455 |  |  |  |  |  |  |  | 17,244 |
Income from continuing operations per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 0.13 |  |  | $ | 0.12 |  |  | $ | 0.25 |  |  | $ | 0.25 |
Class B common stock |  | $ | 0.11 |  |  | $ | 0.11 |  |  | $ | 0.23 |  |  | $ | 0.23 |
Income (loss) from discontinued operations per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | (0.03 | ) |  | $ | (0.03 | ) |  | $ | 0.09 |  |  | $ | 0.09 |
Class B common stock |  | $ | (0.03 | ) |  | $ | (0.03 | ) |  | $ | 0.08 |  |  | $ | 0.08 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 0.10 |  |  | $ | 0.09 |  |  | $ | 0.34 |  |  | $ | 0.34 |
Class B common stock |  | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Note: Common stock options that were anti-dilutive and not included in diluted earnings per common share for the first nine months of fiscal 2013 and fiscal 2012 were 282,564 and 161,000, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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