Earnings per Share

9 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

Basic earnings per share amounts are computed using the weighted average number of common shares outstanding during the period.  Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and dilutive potential common shares outstanding during each period.

The reconciliations between basic and diluted loss per share for the third quarter and nine months of 2013 and 2012 are as follows:

	Third quarter of				Nine months of
	2013		2012		2013		2012
	(Dollar amounts in millions, except per share data)
Net earnings	$	4.2	$	4.7	$	0.6	$	22.0
Weighted average common shares outstanding	15,386,600		15,152,779		15,361,118		15,138,895
Dilutive effect of common share equivalents	462,376		352,794		493,785		328,529
Dilutive shares outstanding	15,848,976		15,505,573		15,854,903		15,467,424
Basic earnings per share	$	0.27	$	0.31	$	0.04	$	1.45
Diluted earnings per share	$	0.27	$	0.30	$	0.04	$	1.42

The effect of certain potential common share equivalents, as outlined below, were excluded from the computation of diluted shares outstanding for the third quarter and nine months of 2013 and 2012 as their inclusion would have been anti-dilutive. Restricted stock awards which vest based upon achievement of performance targets were excluded from the diluted shares outstanding as the performance targets had not been met as of the end of the nine months of 2013 and 2012.

A summary of the weighted average anti-dilutive shares excluded from the third quarter and nine months of 2013 and 2012 is as follows:

	Third quarter of		Nine months of
	2013	2012	2013	2012
Warrants	—	789,474	—	789,474
Restricted stock	356,397	324,486	359,430	276,668
Stock options	122,771	36,508	108,163	54,336
Total	479,168	1,150,468	467,593	1,120,478