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Computation of Basic and Diluted Net Income Per Common Share
 3 Months Ended
Apr. 04, 2015
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Income Per Common Share

8. Computation of Basic and Diluted Net Income Per Common Share

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

Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares, plus the weighted average common stock equivalents outstanding during the period. 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, for the three months ended April 4, 2015 and March 29, 2014, stock options to purchase 191,221 and 48,253 shares, respectively, were excluded from the computation of diluted weighted average shares outstanding.

A reconciliation of the numerator and denominator of basic and diluted net income per common share is provided as follows:

 

 

Three Months Ended

 

 

 

 

April 4,
2015

 

  

March 29,
2014

 

 

 

Numerator:

 

 

 

  

 

 

 

 

 

Net income

$

246

  

  

$

487

  

 

  

 

 

 

 

  

 

 

 

 

 

Denominator:

 

 

 

  

 

 

 

 

 

Weighted average shares of common stock (basic)

 

9,868

 

  

 

9,963

  

 

  

Effect of dilutive stock options

 

221

 

  

 

371

  

 

  

Effect of dilutive contingent shares

  

19

  

  

 

192

  

 

  

Weighted average shares of common stock (diluted)

  

10,108

  

  

 

10,526

  

 

  

 

 

 

 

  

 

 

 

 

 

Per share data:

 

 

 

  

 

 

 

 

 

Basic income per share

$

0.02

  

  

$

0.05

  

 

  

Diluted income per share

$

0.02

  

  

$

0.05