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Note 7 - Earnings Per Common Share | 9 Months Ended
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Oct. 03, 2021
Notes to Financial Statements |
Earnings Per Share [Text Block] |
(7) | 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. There were 38,000 potential common shares excluded from diluted earnings per share for the three and nine months ended October 3, 2021. There were 2,489,250 and 2,754,750 potential common shares excluded from diluted earnings per share for the three and nine months ended October 4, 2021, respectively because the effect of these items on diluted net loss would be anti-dilutive. 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 |  |  | Nine Months Ended |
|  | October 3, |  |  | October 4, |  |  | October 3, |  |  | October 4, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (Unaudited) |  |  | (Unaudited) |
Income attributable to stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income as reported |  | $ | 294 |  |  | $ | 3,495 |  |  | $ | 2,487 |  |  | $ | 2,842 |
Less distributed and undistributed earnings allocable to restricted award holders |  |  | (2 | ) |  |  | (15 | ) |  |  | (7 | ) |  |  | (12 | )
Less dividends declared attributable to restricted award holders |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Net income allocable to common stockholders |  | $ | 292 |  |  | $ | 3,480 |  |  | $ | 2,480 |  |  | $ | 2,830 |
Income per common share attributable to stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.01 |  |  | $ | 0.17 |  |  | $ | 0.12 |  |  | $ | 0.14 |
Diluted |  | $ | 0.01 |  |  | $ | 0.17 |  |  | $ | 0.11 |  |  | $ | 0.14 |
Weighted average shares outstanding – basic |  |  | 21,536 |  |  |  | 21,064 |  |  |  | 21,522 |  |  |  | 21,026 |
Weighted average additional shares assuming conversion of potential common shares |  |  | 1,404 |  |  |  | 16 |  |  |  | 1,472 |  |  |  | 0 |
Weighted average shares outstanding – diluted |  |  | 22,940 |  |  |  | 21,080 |  |  |  | 22,994 |  |  |  | 21,026 |

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