Note 3 - Net Income (Loss) Per Common Share

6 Months Ended

Aug. 14, 2011

Earnings Per Share [Text Block]

NOTE 3 – NET INCOME (LOSS) PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.  Diluted net income per common share is based on the combined weighted average number of shares outstanding, which includes the assumed exercise, or conversion of options.  In computing diluted net income per common share, the Company has utilized the treasury stock method.  The following table reconciles the difference between basic and diluted earnings per common share:

	Quarter ended August 14, 2011			Quarter ended August 15, 2010
	Net income	Shares	Per Share	Net income	Shares	Per Share
	(Numerator)	(Denominator)	Amount	(Numerator)	(Denominator)	Amount
Basic EPS
Income (loss) available to common shareholders	$         (257,000)	2,934,995	$      (0.09)	$       163,000	2,934,995	$       0.06
Effect of Dilutive Securities
Weighted Average Stock Options	-	-		-	83,787
Diluted EPS
Income (loss) available to common shareholders	$         (257,000)	2,934,995	$      (0.09)	$       163,000	3,018,782	$       0.05

	Twenty-four weeks ended August 14, 2011			Twenty-four weeks ended August 15, 2010
	Net income	Shares	Per Share	Net income	Shares	Per Share
	(Numerator)	(Denominator)	Amount	(Numerator)	(Denominator)	Amount
Basic EPS
Income (loss) available to common shareholders	$         (474,000)	2,934,995	$      (0.16)	$       738,000	2,934,995	$       0.25
Effect of Dilutive Securities
Weighted Average Stock Options	-	-		-	91,213
Diluted EPS
Income (loss) available to common shareholders	$         (474,000)	2,934,995	$      (0.16)	$       738,000	3,026,208	$       0.24