Annual report pursuant to Section 13 and 15(d)

Note 11 - Earnings per common share

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Note 11 - Earnings per common share
 12 Months Ended
Dec. 30, 2012
Earnings Per Share [Text Block]
11.
Earnings per common share

The following table details the weighted average number of common shares outstanding for the purposes of computing basic and diluted earnings (loss) per common share for:

(Number of common shares)
 
Period ended
December 30,
2012
   
Period ended
January 1,
2012
   
Period ended
January 2,
2011
 
Basic weighted average shares outstanding
    16,294,893       16,136,114       15,072,425  
Dilutive stock options (a)
    120,629       105,896       546,818  
Diluted weighted average shares outstanding
    16,415,522       16,242,010       15,619,243  

(a)
Dilutive stock options were determined by using the treasury stock method. For the periods ended December 30, 2012, January 1, 2012 and January 2, 2011, the average share prices used were $3.07, $2.38, and $2.91 per share, respectively.

During the periods ended December 30, 2012, January 1, 2012 and January 2, 2011, the calculations of diluted weighted average shares outstanding did not include 620,150, 263,150 and 231,173 options, respectively, as the effect would have been anti-dilutive.