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Computation Of Basic And Diluted Net (Loss) Income Per Common Share
 3 Months Ended
Mar. 31, 2012
Computation Of Basic And Diluted Net (Loss) Income Per Common Share [Abstract]  
Computation Of Basic And Diluted Net (Loss) Income Per Common Share
9. Computation of Basic and Diluted Net (Loss) Income Per Common Share

Basic net (loss) income per share is computed by dividing net (loss) income for the period by the weighted average number of shares outstanding during the period.

Diluted net (loss) income per share is computed as follows:

In periods of net (loss) from continuing operations, the basic and diluted weighted average shares of common stock and common stock equivalents are the same because inclusion of common stock equivalents would be anti-dilutive. Accordingly, for the three months ended March 31, 2012 there was no difference between the denominators used for the calculation of basic and diluted net (loss) income per share. Accordingly, for the three months ended March 31, 2012, there were 1,000,000 common stock equivalent relating to the Company's preferred shares and stock options to purchase 1,670,524 shares, restricted stock units of 90,189 shares, and restricted stock awards of 10,126 were excluded from the computation of diluted weighted average shares outstanding .

In periods of net income from continuing operations, the Company excludes options from the computation of diluted weighted average shares outstanding if the exercise price of the options is greater than the average market price of the shares because the inclusion of these options would be anti-dilutive to earnings per share. Accordingly, at April 2, 2011, stock options to purchase 701,864 shares were excluded from the computation of diluted weighted average shares outstanding.

A reconciliation of the numerator and denominator of basic and diluted net (loss) income per common share is provided as follows (in thousands, except per share amounts):

 

                 
     Three Months Ended  
     March 31,
2012		     April 2,
2011		  

Numerator:

                 

(Loss) income from continuing operations

    $ (265 )    $ 185   

Income from discontinued operations

      1,870        381   
    

 

 

    

 

 

  

Net income

    $ 1,605      $ 566   
    

 

 

    

 

 

  

Denominator:

                 

Weighted average shares of common stock (basic)

      8,933        8,964   

Effect of dilutive preferred shares

      0        1,000   

Effect of dilutive stock options

      0        240   

Effect of dilutive contingent shares

      0        11   
    

 

 

    

 

 

  

Weighted average shares of common stock (diluted)

      8,933        10,215   
    

 

 

    

 

 

  

Per share data:

                 

Basic (loss) income per share:

                 

(Loss) income before discontinued operations

    $ (0.03 )    $ 0.02   

Discontinued operations

      0.21        0.04   
    

 

 

    

 

 

  

Net income

    $ 0.18      $ 0.06   
    

 

 

    

 

 

  

Diluted (loss) income per share:

                 

(Loss) income before discontinued operations

      (0.03 )      0.02   

Discontinued operations

      0.21        0.04   
    

 

 

    

 

 

  

Net income

    $ 0.18      $ 0.06