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6. Earnings Per Share
 6 Months Ended
Jul. 29, 2012
Earnings Per Share [Text Block]
6.          Earnings Per Share

Since 2006, we have issued restricted stock awards to non-employee members of the board of directors under our stock incentive plan and expect to continue to make these awards annually.  These awards vest if the director continuously serves on the board through a three-year service period and may vest earlier upon certain events specified in the plan. In both fiscal 2012 and the fiscal 2013 first quarter, we awarded time-based restricted stock units (RSUs) to certain executive employees.  Each RSU entitles the executive to receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of the Company’s common stock, cash, or both, at the discretion of our compensation committee. Unlike the restricted stock awards made to our non-employee directors, the shares of our common stock that may be issued under these RSUs will not be issued until the vesting period has elapsed. The RSU grantee is not entitled to receive dividends on, or vote, these shares during the vesting period. Both our unvested restricted stock awards and shares issuable under unvested RSUs are considered when computing diluted earnings per share. As of July 29, 2012 and January 29, 2012 there were 56,749 and 32,005 dilutive shares, respectively, outstanding, or deemed outstanding, under restricted stock and RSU awards, net of forfeitures and vested shares on each date. During the fiscal 2013 second quarter, we purchased and retired 22,400 shares of our common stock under the $12.5 million share repurchase authorization approved by our board of directors during the fiscal 2013 first quarter. These repurchases reduced our total outstanding shares and, consequently,  reduced the weighted outstanding shares used in our calculation of earnings per share for the fiscal 2013 quarterly and year-to-date periods shown below. Subsequent to the end of the fiscal 2013 second quarter, we have repurchased an additional 35,300 shares of our common stock.

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

   
Thirteen Weeks Ended
   
Twenty-Six Weeks Ended
 
   
July 29,
   
July 31,
   
July 29,
   
July 31,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Net income
  $ 1,474     $ 1,646     $ 2,494     $ 2,169  
   Less: Unvested participating restricted stock dividends
    3       4       3       5  
            Net earnings allocated to unvested participating restricted stock
    -       -       -       -  
Earnings available for common shareholders
    1,471       1,642       2,491       2,164  
                                 
Weighted average shares outstanding for basic earnings per share
    10,770       10,761       10,771       10,761  
Dilutive effect of unvested restricted stock and RSU awards
    19       23       29       23  
   Weighted average shares outstanding for diluted earnings per share
    10,789       10,784       10,800       10,785  
                                 
Basic earnings per share
  $ 0.14     $ 0.15     $ 0.23     $ 0.20  
                                 
Diluted earnings per share
  $ 0.14     $ 0.15     $ 0.23     $ 0.20