Note D. (Loss) earnings per Share

6 Months Ended

Jul. 02, 2011

Loss per Share [Abstract]

Earnings Per Share [Text Block]

(Loss) earnings per Share

The Company calculates basic and diluted earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”).  Basic earnings (loss) per share amounts are computed using the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share amounts are computed using the weighted average number of common shares outstanding and dilutive potential common shares outstanding during each period.

The reconciliation between basic and diluted (loss) earnings per share for the second quarter and first half of 2011 and 2010 is as follows:

	For the second quarter of					For the first half of
	2011			2010		2011			2010
	(Dollar amounts in millions, except shares and per share data)
Net (loss) earnings	$	(31.9	)	$	0.3	$	(53.0	)	$	(13.1	)
Weighted average common shares
outstanding	15,127,265			15,000,000		15,117,519			15,000,000
Dilutive effect of stock options	—			280,631		—			—
Dilutive shares outstanding	15,127,265			15,280,631		15,117,519			15,000,000
Basic (loss) earnings per share	$	(2.11	)	$	0.02	$	(3.51	)	$	(0.87	)
Diluted (loss) earnings per share	$	(2.11	)	$	0.02	$	(3.51	)	$	(0.87	)

The effect of certain potential common share equivalents, including warrants, unvested restricted stock and stock options were excluded from the computation of diluted shares outstanding for the second quarter and first half of 2011 and 2010, as inclusion would have been anti-dilutive.  A summary of these common share equivalents excluded from the second quarter and first half of 2011 and 2010 is as follows:

	For the second quarter of		For the first half of
	2011	2010	2011	2010
Warrants	789,474	789,474	789,474	789,474
Restricted stock	318,423	706,481	318,423	706,481
Stock options	532,116	—	532,116	766,481
Total	1,640,013	1,495,955	1,640,013	2,262,436