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Income (Loss) Per Common Share
 6 Months Ended
Jul. 07, 2012
Income (Loss) Per Common Share [Abstract]  
Income (Loss) Per Common Share
(10) Income (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 595,000 and 489,000 potential common shares excluded from diluted earnings per share for the three and six months ended July 1, 2012, respectively. 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, because there was a loss in such period, and the effect of inclusion would have been anti-dilutive.

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

 

                                 
    Three Months Ended     Six Months Ended  
    July 1,
2012		     July 3,
2011		     July 1,
2012		     July 3,
2011		  
    (Unaudited)     (Unaudited)  

Income attributable to stockholders:

                                
         

Income (loss) from continuing operations attributable to stockholders

   $ 5,014     $ (1,550 )    $ 10,525     $ 952  

Loss from discontinued operations, net of tax

     (576 )      0       (799 )      (450 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Net income (loss)

     4,438       (1,550 )      9,726       502  
         

Less distributed and undistributed earnings allocable to restricted award holders

     (220 )      0       (423 )      (24 ) 

Less dividends declared attributable to restricted award holders

     (17 )      0       (30 )      0  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Net income (loss) allocable to common stockholders

   $ 4,201     $ (1,550 )    $ 9,273     $ 478  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

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

                                
         

Continuing operations

   $ 0.25     $ (0.08 )    $ 0.53     $ 0.05  

Discontinued operations

     (0.03 )      0.00       (0.04 )      (0.02 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Net income (loss)

   $ 0.22     $ (0.08 )    $ 0.49     $ 0.03  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

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

                                
         

Continuing operations

   $ 0.25     $ (0.08 )    $ 0.52     $ 0.05  

Discontinued operations

     (0.03 )      0.00       (0.04 )      (0.02 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Net income (loss)

   $ 0.22     $ (0.08 )    $ 0.48     $ 0.03  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Weighted average shares outstanding-basic

     19,068       18,833       19,020       18,853  

Weighted average additional shares assuming conversion of potential common shares

     365       0       341       194  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Weighted average shares outstanding-diluted

     19,433       18,833       19,361       19,047