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Note 8 - (Loss) Earnings Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

(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 and six months ended June 30, 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 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.


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


   

Three Months Ended

        Six Months Ended  
   

June 30,

2013

   

July 1,

2012

   

June 30,

2013

     

July 1,

2012

 
   

(Unaudited)

     

(Unaudited)

 

Basic and Diluted Net Earnings:

                               

(Loss) income from continuing operations as reported

  $ (1,494 )   $ 5,014     $ (7,953 )   $ 10,525  

Less distributed and undistributed earnings allocable to restricted award holders

    0       (220 )     0       (423 )

Less dividends declared attributable to restricted award holders

    (12 )     (17 )     (23 )     (30 )

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

    (1,506 )     4,777       (7,976 )     10,072  

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

    0       (576 )     0       (799 )

Net (loss) income allocable to common stockholders

  $ (1,506 )   $ 4,201     $ (7,976 )   $ 9,273  
                                 

Weighted average shares outstanding-basic

    19,347       19,068       19,255       19,020  

Weighted average additional shares assuming conversion of potential common shares

    0       365       0       341  

Weighted average shares outstanding - diluted

    19,347       19,433       19,255       19,361  

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

                               

Continuing operations

  $ (0.08 )   $ 0.25     $ (0.41 )   $ 0.53  

Discontinued operations

    0.00       (0.03 )     0.00       (0.04 )

Net (loss) income

  $ (0.08 )   $ 0.22     $ (0.41 )   $ 0.49  
                                 

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

                               

Continuing operations

  $ (0.08 )   $ 0.25     $ (0.41 )   $ 0.52  

Discontinued operations

    0.00       (0.03 )     0.00       (0.04 )

Net (loss) income

  $ (0.08 )   $ 0.22     $ (0.41 )   $ 0.48