(Loss) earnings per Share

9 Months Ended

Oct. 01, 2011

(Loss) earnings per Share [Abstract]

(Loss) earnings per Share

(D)   (LOSS) EARNINGS PER SHARE

The Company calculates basic and diluted (loss) earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). Basic (loss) earnings per share amounts are computed using the weighted average number of common shares outstanding during the period. Diluted (loss) 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) earnings per share for the third quarter and first nine months of 2011 and 2010 are as follows:

	For the Third Quarter of					For the First Nine Months of
	2011			2010		2011			2010
	(Dollar amounts in millions, except shares and per share data)
Net (loss) earnings	$	(2.1	)	$	9.8	$	(55.1	)	$	(3.3	)
Weighted average common shares outstanding		15,128,246			15,000,000		15,121,093			15,000,000
Dilutive effect of stock options		—			301,864		—			—
Dilutive shares outstanding		15,128,246			15,301,864		15,121,093			15,000,000
Basic (loss) earnings per share	$	(0.14	)	$	0.65	$	(3.64	)	$	(0.22	)
Diluted (loss) earnings per share	$	(0.14	)	$	0.64	$	(3.64	)	$	(0.22	)

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 third quarter and first nine months of 2011 and 2010, as inclusion would have been anti-dilutive. A summary of these common share equivalents excluded from the third quarter and first nine months of 2011 and 2010 is as follows:

	For the Third Quarter of				For the First Nine Months of
	2011		2010		2011		2010
Warrants		789,474		789,474		789,474		789,474
Restricted stock		316,852		706,481		316,852		706,481
Stock options		515,616		20,000		515,616		786,481
Total		1,621,942		1,515,955		1,621,942		2,282,436