Income (Loss) Per Share

6 Months Ended

Dec. 28, 2013

Income (Loss) Per Share [Abstract]

INCOME PER SHARE

3.  INCOME (LOSS) PER SHARE

Basic income (loss) per share is based upon the weighted average number of common shares outstanding.  Diluted income (loss) per share reflects the additional potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

Basic and diluted income (loss) per share for the three and six month periods ended December 28, 2013 and December 29, 2012 are computed as follows:

	Three Months Ended					Six Months Ended
	December 28,		December 29,			December 28,		December 29,
(in thousands, except per share data)	2013		2012			2013		2012
Net income (loss)	$	1,225	$	(5,339	)	$	1,599	$	(4,147	)
Computation of common shares outstanding – basic earnings (loss) per share:
Weighted average shares of common stock		22,800		23,515			22,797		23,529
Basic income (loss) per share	$	0.05	$	(0.23	)	$	0.07	$	(0.18	)
Computation of common shares outstanding – diluted income (loss) per share:
Weighted average shares of common stock		22,800		23,515			22,797		23,529
Dilutive shares using the treasury stock method		219		-			188		-
Shares used in computing diluted income (loss) per share		23,019		23,515			22,985		23,529
Diluted income (loss) per share	$	0.05	$	(0.23	)	$	0.07	$	(0.18	)

Options to purchase 1,880,000 and 2,123,000 shares of common stock, and restricted stock units of 105 and 2,300 were outstanding during the three and six months ended December 28, 2013 respectively, but not included in the computation of diluted earnings per share because the options and units would be anti-dilutive under the treasury stock method. Options to purchase 2,557,000 and 2,513,000 shares of common stock, and restricted stock units of 616,000 and 613,000 were outstanding during the three and six months ended December 29, 2012 respectively, but not included in the computation of diluted earnings per share because the options and units would be anti-dilutive under the treasury stock method. As the Company incurred a net loss for the three and six months ended December 29, 2012, diluted loss per share is the same as basic loss per share since the addition of any contingently issuable shares would be anti-dilutive in nature.