BASIC AND DILUTED EARNINGS PER SHARE

9 Months Ended

Sep. 28, 2013

BASIC AND DILUTED EARNINGS PER SHARE

BASIC AND DILUTED EARNINGS PER SHARE

3. BASIC AND DILUTED EARNINGS PER SHARE

Basic loss per share has been computed based upon the weighted average of common shares outstanding. Diluted loss per share also includes the dilutive effect of potential common shares (dilutive stock options and unvested restricted stock awards) outstanding during the period. Loss per common share has been computed as follows:

	39-Weeks Ended						13-Weeks Ended
	September 28,			September 29,			September 28,			September 29,
	2013			2012			2013			2012
Net loss	$	(29,660,000	)	$	(6,553,000	)	$	(7,997,000	)	$	(6,376,000	)
Basic weighted number of average shares outstanding	17,450,000			12,882,000			21,090,000			12,892,000
Incremental shares from assumed issuances of stock options and restricted stock awards	—			—			—			—
Diluted weighted average number of shares outstanding	17,450,000			12,882,000			21,090,000			12,892,000
Net loss per share - Basic	$	(1.70	)	$	(0.51	)	$	(0.38	)	$	(0.49	)
- Diluted	$	(1.70	)	$	(0.51	)	$	(0.38	)	$	(0.49	)

The accompanying financial statements reflect for fiscal 2012 the issuance of all restricted stock awards as if issued on the original grant date. 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 statements except for the number of shares outstanding at September 29, 2012.

Options and unvested restricted common shares totaling 1,483,444 and 1,176,675 were excluded from the computation of diluted loss per share for the 39- and 13- week periods ended September 28, 2013 and September 29, 2012 due to the net loss incurred by the Company.