Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Earnings Per Common Share

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Note 8 - Earnings Per Common Share
 6 Months Ended
Jul. 02, 2017
Notes to Financial Statements  
Earnings Per Share [Text Block]
8
.
Earnings (loss) 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
 
 
Six months ended
 
 
 
July
2
,
201
7
 
 
July 3,
2016
 
 
July
2
,
201
7
 
 
July 3,
2016
 
Basic weighted average shares outstanding
    
16,807,333
      
16,510,180
      
16,734,117
      
16,498,032
  
Dilutive stock awards
(1) (a) (b)
   
—
      
—
      
—
      
1,048,746
  
Diluted weighted average shares outstanding
    
16,807,333
      
16,510,180
      
16,734,117
      
17,546,778
  
  
 
(
1
)
Dilutive stock awards include outstanding restricted stock units and in the money stock options determined using the treasury stock method
 
(a)
Dilutive options were determined using the treasury stock method, using an average price of
$1.26
per share for
three
months ended
July 2, 2017.
As a result of the net loss for the
three
months ended
July 2, 2017,
diluted 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
three
months ended
July 2, 2017,
dilutive stock awards would have been calculated as
668,701.
For the
six
months ended
July 2, 2017,
dilutive options were determined using the treasury stock method, using an average price of
$1.32
per share. Total dilutive stock awards were calculated as
731,961.
 
 
(b)
Dilutive options were determined using the treasury stock method, using an average price of
$1.54
per share for
three
months ended
July 3, 2016.
As a result of the net loss for the
three
months ended
July 3, 2016,
diluted 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
three
months ended
July 3, 2016,
dilutive stock awards would have been calculated as
1,058,824.
For the
six
months ended
July 3, 2016,
dilutive options were determined using the treasury stock method, using an average price of
$1.44
per share. Total dilutive stock awards were calculated as
1,048,746.