| 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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Nine months ended
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(Number of common shares)
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September
29, 2013
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September
30, 2012
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September
29, 2013
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September
30, 2012
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Basic weighted average shares outstanding
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16,360,860
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16,319,255
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16,350,359
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16,283,803
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Dilutive stock options(a) (b)
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29,518
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124,798
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-
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135,469
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Diluted weighted average shares outstanding
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16,390,378
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16,444,053
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16,350,359
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16,419,272
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(a)
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For the three months ended September 30, 2013, as a result of net earnings from continuing operations, dilutive options were determined using the treasury stock method, using an average share price of $1.91 per share. As a result of the net loss for the nine months ended September 29, 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 45,088 for the nine months ended September 29, 2013.
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(b)
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For the three and nine months ended September 30, 2012, as a result of net earnings from continuing operations, dilutive options were determined using the treasury stock method, using an average share price of $3.08 and $3.24 per share, respectively. For the three and nine months ended September 30, 2012, the calculation did not include 590,600 and 408,267 stock options, respectively, as the effect would have been anti-dilutive.
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