Note 7 - Net Income (Loss) Per Common Share

12 Months Ended

Feb. 26, 2012

Earnings Per Share [Text Block]

NOTE 7.  NET INCOME (LOSS) PER COMMON SHARE

Basic net loss per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period which totaled 2,934,995 for both fiscal 2012 and 2011.  Diluted net income (loss) per common share is based on the combined weighted average number of shares and dilutive stock options outstanding during the period which totaled 2,934,995 for both fiscal 2012 and 2011.  For fiscal 2012 all stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive and for fiscal 2011 no stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive.  For the fourth quarter ended February 26, 2012, all stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive.  No dilution was calculated for periods in which there was a loss.  In computing diluted net income (loss) 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:

	Fiscal year ended February 26, 2012								Fiscal year ended February 27, 2011
	Net income			Shares		Per Share			Net loss			Shares		Per Share
	(Numerator)			(Denominator)		Amount			(Numerator)			(Denominator)		Amount
Basic EPS
Income (loss) available to common shareholders	$	(1,680,000	)		2,934,995	$	(0.57	)	$	(988,000	)		2,934,995	$	(0.34	)
Effect of Dilutive Securities
Weighted Average Stock Options		-			-					-			-
Diluted EPS
Income (loss) available to common shareholders	$	(1,680,000	)		2,934,995	$	(0.57	)	$	(988,000	)		2,934,995	$	(0.34	)
Options for 147,000 shares, exercisable at $1.50 per share expire on November 5, 2018.