Note 7 - Net Income (Loss) per Common Share

12 Months Ended

Mar. 03, 2013

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 2013 and 2012. 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 2,957,388 and 2,934,995 for fiscal 2013 and 2012 respectively. For fiscal 2013 no stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive and for fiscal 2012 all stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive. For the fourth quarter ended March 3, 2013, no 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 March 3, 2013								Fiscal year ended February 26, 2012
	Net income (Numerator)			Shares (Denominator)		Per Share Amount			Net loss (Numerator)			Shares (Denominator)		Per Share Amount
Basic EPS
Loss available to common shareholders	$	(138,000	)		2,934,995	$	(0.05	)	$	(1,680,000	)		2,934,995	$	(0.57	)
Effect of Dilutive Securities
Weighted Average Stock Options		-			-					-			-
Diluted EPS
Loss available to common shareholders	$	(138,000	)		2,934,995	$	(0.05	)	$	(1,680,000	)		2,934,995	$	(0.57	)

Options for 146,000 shares, exercisable at $1.50 per share expire on November 5, 2018.