Earnings (Loss) per Share

6 Months Ended

Jun. 28, 2014

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Earnings (Loss) 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 second quarter and first half of 2014 and 2013 are as follows:

	Second quarter of					First half of
	2014			2013		2014			2013
	(Dollar amounts in millions, except per share data)
Net (loss) earnings	$	(46.2	)	$	11.5	$	(54.8	)	$	(3.6	)
Weighted average common shares outstanding	15,557,173			15,364,679		15,527,173			15,348,228
Dilutive effect of common share equivalents	—			485,188		—			—
Dilutive shares outstanding	15,557,173			15,849,867		15,527,173			15,348,228
Basic (loss) earnings per share	$	(2.97	)	$	0.75	$	(3.53	)	$	(0.23	)
Diluted (loss) earnings per share	$	(2.97	)	$	0.73	$	(3.53	)	$	(0.23	)

The effect of certain potential common share equivalents, as outlined below, were excluded from the computation of diluted shares outstanding for the second quarter and first half of 2014 and 2013 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 first half of 2014 and 2013.

A summary of the weighted average anti-dilutive shares excluded from the second quarter of 2014 and 2013 is as follows:

	Second quarter of		First half of
	2014	2013	2014	2013
Warrants	645,746	—	645,969	657,902
Restricted stock	429,554	357,073	410,410	517,195
Stock options	632,919	121,000	636,543	686,564
Total	1,708,219	478,073	1,692,922	1,861,661