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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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(Number of common shares)
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March 30, 2014
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March 31,2013
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Basic weighted average shares outstanding
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16,417,270
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16,344,193
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Dilutive stock options(a)(b)
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—
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64,386
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Diluted weighted average shares outstanding
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16,417,270
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16,408,579
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(a)
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For the three months ended March 30, 2014, 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.
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(b)
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For the three months ended March 31, 2013, as a result of net income for the period, dilutive options were determined using the treasury stock method, using an average share price of $2.48 per share. For the three months ended March 31, 2013, the calculation did not include 927,000 stock options, as the effect would have been anti-dilutive.
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