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Computation of Basic and Diluted Net (Loss) Income Per Common Share
 12 Months Ended
Dec. 29, 2012
Computation of Basic and Diluted Net (Loss) Income Per Common Share [Abstract]  
Computation of Basic and Diluted Net (Loss) Income Per Common Share

16. Computation of Basic and Diluted Net (Loss) Income Per Common Share

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):

 

                         
    FY 2012
Year Ended
December 29,
2012		     FY 2011
Year Ended
December 31,
2011		     FY 2010
Year Ended
January 1,
2011		  

Numerator:

  

        

(Loss) income from continuing operations

   $ (170 )    $ 2,141     $ 1,653  

Income from discontinued operations

     1,608       469       1,393  
   

 

 

    

 

 

    

 

 

  

Net income

   $ 1,438     $ 2,610     $ 3,046  
   

 

 

    

 

 

    

 

 

  

Denominator:

                        

Weighted average shares of common stock (basic)

     8,935       8,958       8,943  

Effect of dilutive preferred shares

     0       1,000       1,000  

Effect of dilutive stock options

     0       245       183  

Effect of dilutive contingent shares

     0       22       8  
   

 

 

    

 

 

    

 

 

  

Weighted average shares of common stock (diluted)

     8,935       10,225       10,134  
   

 

 

    

 

 

    

 

 

  
       

Per share data:

                        

Basic net (loss) income per share:

                        

Net (loss) income before discontinued operations

   $ (0.02 )    $ 0.24     $ 0.18  

Discontinued operations

     0.18       0.05       0.16  
   

 

 

    

 

 

    

 

 

  

Net income

   $ 0.16     $ 0.29     $ 0.34  
   

 

 

    

 

 

    

 

 

  

Diluted net (loss) income per share:

                        

Net (loss) income before discontinued operations

   $ (0.02 )    $ 0.21     $ 0.16  

Discontinued operations

     0.18       0.05       0.14  
   

 

 

    

 

 

    

 

 

  

Net income

   $ 0.16     $ 0.26     $ 0.30  
   

 

 

    

 

 

    

 

 

  

For periods in which the Company incurs a loss from continuing operations, the conversion of Series A Preferred Stock to common stock and common stock equivalent shares from unexercised stock options are excluded from the computation as their effect is anti-dilutive. Accordingly at December 29, 2012, 1,000,000 shares of common stock equivalents (from the conversion of Series A Preferred Stock) and stock options to purchase 1,570,543 have been excluded.

For periods in which the Company generates income from continuing operations, the conversion of Series A Preferred Stock to common stock and common stock equivalent shares from unexercised stock options (if the exercise price of such options is lower than the average market price of the stock for the period) are included in the computation as their effect is dilutive. The Company excludes stock options and other common stock equivalents from the computation if the exercise price of the options is greater than the average market price of the stock for the period because the inclusion of these options would be anti-dilutive. Accordingly, at December 31, 2011 and January 1, 2011, stock options to purchase 713,462 and 809,997 shares, respectively, were excluded from the computation of diluted weighted average shares outstanding.