| Earnings Per Share [Text Block] |
7.
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:
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Three
months ended
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Six
months ended
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(Number
of common shares)
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June
30,
2013
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July
1,
2012
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June
30,
2013
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July
1,
2012
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Basic
weighted average shares outstanding
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16,346,025
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16,300,574
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16,345,109
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16,266,077
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Dilutive
stock options(a)
(b)
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-
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159,298
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-
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140,804
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Diluted
weighted average shares outstanding
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16,346,025
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16,459,872
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16,345,109
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16,406,881
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(a)
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As
a result of the net loss for the three and six months
ended June 30, 2013, 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
earnings, the impact of dilutive stock options would
have been calculated as 41,360 and 52,873 respectively
for the three and six months ended June 30,
2013.
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(b)
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For
the three and six months ended July 1, 2012, as a
result of net earnings, dilutive options were
determined using the treasury stock method, using an
average share price of $3.48 and $3.32 per share,
respectively. For the three and six months ended July
1, 2012, the calculation did not include 43,600 and
317,100 stock options, respectively, as the effect
would have been anti-dilutive.
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