Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Earnings Per Common Share

Note 7 - Earnings Per Common Share
3 Months Ended
Apr. 03, 2016
Notes to Financial Statements  
Earnings Per Share [Text Block]
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 per common share for the following periods:
Three months ended
(Number of common shares)
April 3,
March 29,
Basic weighted average shares outstanding
    16,485,883       16,417,276  
Dilutive stock awards
Diluted weighted average shares outstanding
    17,524,552       16,417,276  
For the three months ended April 3, 2016, as a result of net income from operations, dilutive options were determined using the treasury stock method with an average stock price of $1.34. No dilutive stock options were calculated as no outstanding options were considered in-the-money. Dilutive stock awards were calculated as 1,038,669 related to outstanding unvested restricted stock units.  
For the three months ended March 29, 2015, as a result of a net loss for the period, dilutive earnings per share was calculated using the basic weighted average shares outstanding as the effect of potential common shares would have been anti-dilutive. Had there been net income for the period, dilutive stock awards would have been calculated as 470,803 related to outstanding unvested restricted stock units.