EARNINGS PER SHARE

12 Months Ended

Dec. 29, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 13. EARNINGS PER SHARE

         The following table sets forth the computations of basic and diluted earnings per share:

	52 Weeks Ended			52 Weeks Ended		52 Weeks Ended
	December 29, 2012			December 31, 2011		January 1, 2011
Net income (loss)	$	(12,078,000	)	$	2,081,000	$	(22,432,000	)
Net income (loss) per share—basic	$	(0.90	)	$	0.16	$	(1.73	)
Net income(loss) per share—diluted	$	(0.90	)	$	0.16	$	(1.73	)
Weighted average common shares outstanding		13,418,000			13,157,000		12,975,000
Dilutive effect of stock options and restrictive stock awards		—			4,000		—
Weighted average common and potentially dilutive common shares		13,418,000			13,161,000		12,975,000

         The accompanying financial statements and the table above reflects for all periods presented the issuance of all restricted stock awards as if issued on the original grant date. In prior periods, the Company previously had been issuing restricted stock awards only when the awards vested. This change in reporting had no effect on the Company's financial position, operations or cash flows during any of the periods and the only changes are in the number of shares outstanding in fiscal 2012, 2011 and 2010 and the net (loss) per share for fiscal 2010. The weighted average number of shares attributable to restricted stock awards in each of fiscal 2012, 2011 and 2010 was approximately 531,000, 319,000 and 196,000, respectively.

         Options totaling 665,675 shares were excluded from the computation of diluted loss per share for fiscal 2012 because of the net loss incurred by the Company. Diluted weighted average shares for fiscal 2011 include 4,174 common shares due to the potential exercise of stock options that were outstanding and exercisable during the year. Options to purchase 736,675 common shares were excluded from the computation of diluted earnings per share for fiscal 2011 due to the anti-dilutive effect caused by the exercise price exceeding the average market price. Options totaling 777,675 shares were excluded from the computation of diluted earnings per share for fiscal 2010, because of the net loss incurred by the Company.