| Earnings Per Share [Text Block] |
7. 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:
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Three
months ended
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Nine
months ended
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(Number
of common shares)
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October
2,
2011
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October
3,
2010
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October
2,
2011
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October
3,
2010
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Basic
weighted average shares outstanding
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16,200,575
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15,049,668
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16,113,866
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14,841,673
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Dilutive
stock options (a)
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—
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695,838
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—
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580,555
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Diluted
weighted average shares outstanding
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16,200,575
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15,745,506
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16,113,866
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15,422,228
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(a)
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As
a result of the net loss from continuing operations
for the three and nine months ended October 2, 2011,
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.
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(b)
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For
the three and nine months ended October 3, 2010, as a
result of net earnings from continuing operations,
dilutive options were determined using the treasury
stock method, using an average share price of $3.02
and $2.68 per share, respectively. For the
three and nine months ended October 3, 2010, the
calculation did not include 93,673 and 290,340 stock
options, respectively, as the effect would have been
anti-dilutive.
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