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NOTE 11 - EARNINGS PER SHARE
 12 Months Ended
Feb. 03, 2013
Earnings Per Share [Text Block]
NOTE 11 – EARNINGS PER SHARE

We refer you to the Earnings Per Share disclosure in Note 1-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share.


We have issued restricted stock awards to non-employee members of the board of directors since 2006 and restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and restricted stock units, net of forfeitures and vested shares, as of the fiscal year-end dates indicated:
 

   
February 3,
   
January 29,
   
January 30,
 
   
2013
   
2012
   
2011
 
                   
Restricted shares
    29,063       21,321       20,630  
Restricted stock units
    32,353       10,684       -  
      61,416       32,005       20,630  

All restricted shares awarded that have not yet vested are considered when computing diluted earnings per share.  Unlike the restricted stock grants issued to our non-employee directors, the transfer of ownership of our 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-Three Weeks Ended
   
Fifty-Two Weeks Ended
 
   
February 3,
   
January 29,
   
January 30,
 
   
2013
   
2012
   
2011
 
                   
Net income
  $ 8,626     $ 5,057     $ 3,240  
   Less: Dividends on unvested restricted shares
    11       11       9  
            Net earnings allocated to unvested restricted stock
    23       13       -  
Earnings available for common shareholders
  $ 8,592     $ 5,033     $ 3,231  
                         
Weighted average shares outstanding for basic
   earnings per share
    10,745       10,762       10,757  
Dilutive effect of unvested restricted stock awards
    30       28       13  
   Weighted average shares outstanding for diluted
      earnings per share
    10,775       10,790       10,770  
                         
Basic earnings per share
  $ 0.80     $ 0.47     $ 0.30  
                         
Diluted earnings per share
  $ 0.80     $ 0.47     $ 0.30