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Earnings (Loss) Per Common Share
 6 Months Ended
Jul. 03, 2011
Earnings (Loss) Per Common Share  
Earnings (Loss) Per Common Share
(8) Earnings (Loss) Per Common Share

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends.

Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. There were 586,000 potential common shares excluded from diluted earnings per share for the six months ended July 3, 2011. All potential common shares were excluded from earnings per share for the three months ended July 3, 2011 and the three and six months ended July 4, 2010, because the effect of inclusion would be anti-dilutive.

 

A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted earnings (loss) per common share is as follows (in thousands):

 

    Three Months Ended     Six Months Ended  
    July 3,
2011		     July 4,
2010		     July 3,
2011		     July 4,
2010		  
    (Unaudited)     (Unaudited)  

Earnings attributable to stockholders:

        

(Loss) income from continuing operations attributable to stockholders

   $ (1,550 )    $ (3,964 )    $ 952      $ (6,388 ) 

Discontinued operations, net of tax

     —          (300 )      (450 )      (300 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

     (1,550 )      (4,264 )      502        (6,688 ) 

Less distributed and undistributed earnings allocable to restricted award holders

     —          —          (24 )      —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income allocable to common stockholders

   $ (1,550 )    $ (4,264 )    $ 478      $ (6,688 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Basic (loss) earnings per common share attributable to stockholders:

        

Continuing operations

   $ (0.08 )    $ (0.21 )    $ 0.05      $ (0.34 ) 

Discontinued operations

     0.00        (0.02 )      (0.02 )      (0.02 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

   $ (0.08 )    $ (0.23 )    $ 0.03      $ (0.36 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted (loss) earnings per common share attributable to stockholders:

        

Continuing operations

   $ (0.08 )    $ (0.21 )    $ 0.05      $ (0.98 ) 

Discontinued operations

     —          (0.02 )      (0.02 )      —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

   $ (0.08 )    $ (0.23 )    $ 0.03      $ (0.98 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding-basic

     18,833        18,640        18,853        18,588   

Weighted average additional shares assuming conversion of potential common shares

     —          —          194        —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding-diluted

     18,833        18,640        19,047        18,588