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Earnings (Loss) Per Common Share
 3 Months Ended
Apr. 01, 2012
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share
(10) 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 612,000 and 343,000 potential common shares excluded from diluted earnings per share for the three months ended April 1, 2012 and April 3, 2011, respectively.

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  
     April 1,
2012		     April 3,
2011		  
     (Unaudited)  

Earnings attributable to stockholders:

                 

Income from continuing operations attributable to stockholders

    $ 5,511      $ 2,502   

Discontinued operations, net of tax

      (223 )      (450 ) 
    

 

 

    

 

 

  

Net income

    $ 5,288      $ 2,052   

Less undistributed earnings allocable to restricted award holders

      (197 )      (83 ) 

Less dividends declared attributed to restricted award holders

      (13 )      —     
    

 

 

    

 

 

  

Net income allocable to common stockholders

    $ 5,078      $ 1,969   
    

 

 

    

 

 

  

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

                 

Continuing operations

    $ 0.28      $ 0.13   

Discontinued operations

      (0.01 )      (0.02 ) 
    

 

 

    

 

 

  

Net income

    $ 0.27      $ 0.11   
    

 

 

    

 

 

  
                 
     Three Months Ended  
     April 1,
2012		     April 3,
2011		  
     (Unaudited)  

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

                 

Continuing operations

    $ 0.28      $ 0.12   

Discontinued operations

      (0.01 )      (0.02 ) 
    

 

 

    

 

 

  

Net income

    $ 0.27      $ 0.10   
    

 

 

    

 

 

  

Weighted average shares outstanding-basic

      18,938        18,734   

Weighted average additional shares assuming conversion of potential common shares

      210        199   
    

 

 

    

 

 

  

Weighted average shares outstanding-diluted

      19,148        18,933