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EARNINGS PER SHARE | 12 Months Ended
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Jun. 24, 2012
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE J - EARNINGS PER SHARE: The Company computes and presents earnings per share (“EPS”) in accordance with the authoritative guidance on Earnings Per Share. Basic EPS excludes the effect of potentially dilutive securities while diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised, converted or resulted in the issuance of common stock that then shared in the earnings of the entity. The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts).
|  | Year Ended |
|  | June 24, |  |  | June 26, |
|  | 2012 |  |  | 2011 |
Income from continuing operations |  | $ | 383 |  |  | $ | 1,419 |
Discontinued operations |  |  | (61 | ) |  |  | (62 | )
Net income available to common stockholders |  | $ | 322 |  |  | $ | 1,357 |
BASIC: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 8,017 |  |  |  | 8,011 |
Income from continuing operations per share |  | $ | 0.05 |  |  | $ | 0.18 |
Discontinued operations per common share |  |  | (0.01 | ) |  |  | (0.01 | )
Net income per common share |  | $ | 0.04 |  |  | $ | 0.17 |
DILUTED: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 8,017 |  |  |  | 8,011 |
Stock options |  |  | 177 |  |  |  | 8 |
Weighted average common shares outstanding |  |  | 8,194 |  |  |  | 8,019 |
Income from continuing operations per share |  | $ | 0.05 |  |  | $ | 0.18 |
Discontinued operations per common share |  |  | (0.01 | ) |  |  | (0.01 | )
Net income per common share |  | $ | 0.04 |  |  | $ | 0.17 |
At June 24, 2012, options to purchase 75,000 shares of common stock at an exercise price of $5.51 were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares during the year. At June 26, 2011, options to purchase 425,000 shares of common stock at exercise prices ranging from $2.00 to $3.17 were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common shares during the year.

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