NOTE 12 - EARNINGS PER SHARE

12 Months Ended

Jan. 29, 2012

NOTE 12 – EARNINGS PER SHARE

Since 2006, we have issued restricted stock awards to non-employee members of the board of directors under the Company’s Stock Incentive Plan, and expect to continue to grant restricted stock awards to non-employee directors annually in the future. As of January 29, 2012, January 30, 2011 and January 31, 2010, there were 32,005, 20,630, and 17,640 shares, respectively, of restricted stock outstanding, net of forfeitures and vested shares on each date. All restricted shares awarded that have not yet vested are considered when computing diluted earnings per share. In fiscal 2012 we also issued restricted stock units to an executive in connection with an employment agreement. Unlike the restricted stock grants issued to our non-employee directors, the transfer of ownership of these RSUs occurs after the three-year vesting period; however, RSUs are also considered when computing diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share:

	Fifty-Two Weeks Ended
	January 29,		January 30,		January 31,
	2012		2011		2010

Net income	$	5,057	$	3,240	$	3,008
Less: Dividends on unvested restricted shares		-		-		-
Net earnings allocated to unvested restricted stock		11		9		6
Earnings available for common shareholders	$	5,046	$	3,231	$	3,002

Weighted average shares outstanding for basic earnings per share		10,762		10,757		10,753
Dilutive effect of unvested restricted stock awards		28		13		7
Weighted average shares outstanding for diluted earnings per share		10,790		10,770		10,760

Basic earnings per share	$	0.47	$	0.30	$	0.28

Diluted earnings per share	$	0.47	$	0.30	$	0.28

- Definition

The entire disclosure for earnings per share.

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