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Computation of Basic and Diluted Net Income (Loss) Per Common Share
 3 Months Ended
Mar. 30, 2013
Computation of Basic and Diluted Net Income (Loss) Per Common Share [Abstract]  
Computation of Basic and Diluted Net Income (Loss) Per Common Share
8. Computation of Basic and Diluted Net Income (Loss) Per Common Share

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

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

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 March 30, 2013, stock options to purchase 755,013 shares were excluded from the computation of diluted weighted average shares outstanding.

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 per share. For the three months ended March 31, 2012, there were 1,000,000 common stock equivalent relating to the Company’s preferred shares, stock options to purchase 1,670,524 shares, restricted stock units of 90,189 shares, and restricted stock awards of 10,126 shares that were excluded from the computation of diluted weighted average shares outstanding.

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

 

                 
    Three Months Ended  
    March 30,
2013		     March 31,
2012		  

Numerator:

                

Income (loss) from continuing operations

   $ 874     $ (265 ) 

Income from discontinued operations

     0       1,870  
   

 

 

    

 

 

  

Net income

   $ 874     $ 1,605  

Denominator:

                

Weighted average shares of common stock (basic)

     8,511       8,933  

Effect of dilutive preferred shares

     1,000       0  

Effect of dilutive stock options

     261       0  

Effect of dilutive contingent shares

     30       0  
   

 

 

    

 

 

  

Weighted average shares of common stock (diluted)

     9,802       8,933  
   

 

 

    

 

 

  

Per share data:

                

Basic income (loss) per share:

                

Income (loss) before discontinued operations

   $ 0.10     $ (0.03 ) 

Discontinued operations

     0.00       0.21  

Net income

   $ 0.10     $ 0.18  
   

 

 

    

 

 

  

Diluted income (loss) per share:

                

Income (loss) before discontinued operations

   $ 0.09     $ (0.03 ) 

Discontinued operations

     0.00       0.21  

Net income

   $ 0.09     $ 0.18