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Net Income per Common Share
9 Months Ended
Oct. 02, 2011
Basic net income per common share Abstract 
Earnings Per Share Text Block

(2)       Net Income Per Common Share

 

Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive.

 

Following is a reconciliation of basic and diluted net income per common share:

  Three Months Ended Nine Months Ended
(in thousands, except per share data)October 2, October 3, October 2, October 3,
  2011 2010 2011 2010
             
Net income per common share – basic:           
 Net income$ 1,565 $ 1,458 $ 5,148 $ 6,701
 Weighted average shares outstanding  7,994   8,498   8,041   8,715
Net income per common share – basic$ 0.20 $ 0.17 $ 0.64 $ 0.77
             
Net income per common share – diluted:           
 Net income$ 1,565 $ 1,458 $ 5,148 $ 6,701
 Weighted average shares outstanding  7,994   8,498   8,041   8,715
 Dilutive impact of common stock equivalents outstanding  179   133   178   155
 Adjusted weighted average shares outstanding  8,173   8,631   8,219   8,870
Net income per common share – diluted$ 0.19 $ 0.17 $ 0.63 $ 0.76

There were 25,500 options outstanding as of October 2, 2011 and October 3, 2010 that were not available to be included in the computation of diluted EPS because they were anti-dilutive.