Earnings (Loss) per Share

6 Months Ended

Jun. 27, 2015

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 2015 and 2014 are as follows:



	Second Quarter of						First Half of
	2015			2014			2015			2014
	(Dollar amounts in millions, except per share data)

Net loss	$	(2.3	)	$	(46.2	)	$	(16.2	)	$	(54.8	)

Weighted average common shares outstanding	15,953,059			15,557,173			15,931,599			15,527,173
Dilutive effect of common share equivalents	—			—			—			—
Dilutive shares outstanding	15,953,059			15,557,173			15,931,599			15,527,173

Basic loss per share	$	(0.14	)	$	(2.97	)	$	(1.02	)	$	(3.53	)

Diluted loss per share	$	(0.14	)	$	(2.97	)	$	(1.02	)	$	(3.53	)

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 2015 and 2014 as their inclusion would have been anti-dilutive. Restricted stock awards which vest based upon achievement of performance targets are excluded from the diluted shares outstanding unless the performance targets had been met as of the end of the applicable reporting period regardless of whether such performance targets are probable of achievement.

In reporting periods in which the Company reports a net loss, anti-dilutive shares consist of the weighted average common stock equivalents outstanding for the period. In those reporting periods in which the Company reports net income, anti-dilutive shares consist of those common stock equivalents that have either an exercise price above the average stock price for the period or the common stock equivalents’ related average unrecognized stock compensation expense is sufficient to “buy back” the entire amount of shares.

A summary of the weighted average anti-dilutive shares excluded from the second quarter and first half of 2015 and 2014 is as follows:



	Second Quarter of		First Half of
	2015	2014	2015	2014
Warrants ⁽¹⁾	—	645,746	—	645,969
Restricted stock	318,252	429,554	331,971	410,410
Stock options	596,387	632,919	578,472	636,543
Total	914,639	1,708,219	910,443	1,692,922


(1)	All warrants were either exercised or expired prior to December 31, 2014.