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(Loss) Earnings Per Common Share
 3 Months Ended
Mar. 31, 2013
(Loss) Earnings Per Common Share [Abstract]  
(Loss) Earnings Per Common Share

(8) (Loss) Earnings 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. For the three months ended March 31, 2013, diluted weighted average common shares do not include the impact of outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive. There were 612,000 potential common shares excluded from diluted earnings per share for the three months ended April 1, 2012.

 

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  
    March 31,
2013		     April 1,
2012		  
    (Unaudited)  

(Loss) earnings attributable to stockholders:

                

(Loss) income from continuing operations as reported

   $ (6,459 )    $ 5,511  

Less distributed and undistributed earnings allocable to restricted awarded holders

     0       (197 ) 

Less dividends declared attributed to restricted awarded holders

     (12 )      (13 ) 
   

 

 

    

 

 

  

Net (loss) income from continuing operations allocable to common stockholders

   $ (6,471 )    $ 5,301  

Loss from discontinued operations, net of tax allocable to common stockholders

     0       (223 ) 
   

 

 

    

 

 

  

Net (loss) income allocable to common stockholders

   $ (6,471 )    $ 5,078  
   

 

 

    

 

 

  

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

                

Continuing operations

   $ (0.34 )    $ 0.28  

Discontinued operations

     0.00       (0.01 ) 
   

 

 

    

 

 

  

Net (loss) income

   $ (0.34 )    $ 0.27  
   

 

 

    

 

 

  

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

                

Continuing operations

   $ (0.34 )    $ 0.28  

Discontinued operations

     0.00       (0.01 ) 
   

 

 

    

 

 

  

Net (loss) income

   $ (0.34 )    $ 0.27  
   

 

 

    

 

 

  

Weighted average shares outstanding – basic

     19,151       18,938  

Weighted average additional shares assuming conversion of potential common shares

     0       210  
   

 

 

    

 

 

  

Weighted average shares outstanding – diluted

     19,151       19,148