Note 3 - Net Income (Loss) per Common Share

9 Months Ended

Nov. 10, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 – NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) 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 November 10, 2013								Quarter ended November 4, 2012
	Net income (Numerator)			Shares (Denominator)		Per Share Amount			Net income (Numerator)		Shares (Denominator)		Per Share Amount
Basic EPS
Income (loss) available to common shareholders	$	(307,000	)		4,044,147	$	(0.08	)	$	125,000		2,934,995	$	0.04
Effect of Dilutive Securities
Weighted Average Stock Options		-			-					-		49,699
Diluted EPS
Income (loss) available to common shareholders	$	(307,000	)		4,044,147	$	(0.08	)	$	125,000		2,984,694	$	0.04

	Thirty-six weeks ended November 10, 2013								Thirty-six weeks ended November 4, 2012
	Net income (Numerator)			Shares (Denominator)		Per Share Amount			Net income (Numerator)		Shares (Denominator)		Per Share Amount
Basic EPS
Income (loss) available to common shareholders	$	(477,000	)		3,875,374	$	(0.12	)	$	370,000		2,934,995	$	0.13
Effect of Dilutive Securities
Weighted Average Stock Options		-			-					-		18,299
Diluted EPS
Income (loss) available to common shareholders	$	(477,000	)		3,875,374	$	(0.12	)	$	370,000		2,953,294	$	0.13

Weighted average stock options of 67,139 shares for the quarter ended November 10, 2013 and 66,192 shares for the thirty-six weeks ended November 10, 2013 have been excluded from the calculations of diluted earnings per share because there was a net loss in those periods.