Earnings per Share

3 Months Ended

Apr. 28, 2012

Earnings per Share [Abstract]

Earnings per Share

4.           Earnings per Share

Basic earnings per share is computed using the weighted average number of common shares outstanding during the measurement period.  Diluted earnings per share is computed using the weighted average number of common shares as well as all potentially dilutive common share equivalents outstanding during the measurement period.  For the thirteen weeks ended April 28, 2012 and April 30, 2011, 216,366 and 535,331 shares, respectively, attributable to stock options, SARs and non-vested stock grants would have been considered dilutive securities but were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive due to the net loss for the reported periods.

Under Accounting Standards Codification (“ASC”) 260-10, Earnings Per Share, non-vested stock grants that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the calculation of basic and diluted earnings per share pursuant to the two-class method.  The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings.  Earnings per share has been calculated under the two-class method for the thirteen weeks ended April 28, 2012 and April 30, 2011.

The following tables show the computation of basic and diluted earnings per share for the thirteen weeks ended April 28, 2012 and April 30, 2011 (in thousands, except per share amounts):

	Thirteen Weeks Ended
	April 28, 2012			April 30, 2011
Basic EPS:
Net loss	$	(418	)	$	(461	)
Less: Allocation of earnings to participating securities		-			-
Net loss allocated to common shares		(418	)		(461	)
Basic weighted average shares outstanding		30,536			36,279
Basic EPS	$	(0.01	)	$	(0.01	)

	Thirteen Weeks Ended
	April 28, 2012			April 30, 2011
Diluted EPS:
Net loss	$	(418	)	$	(461	)
Less: Allocation of earnings to participating securities		-			-
Net loss allocated to common shares		(418	)		(461	)
Basic weighted average shares outstanding		30,536			36,279
Add: Dilutive effect of stock awards		-			-
Diluted weighted average shares outstanding		30,536			36,279
Diluted EPS	$	(0.01	)	$	(0.01	)

The following table illustrates the number of stock options and SARs that were outstanding, but not included in the computation of diluted earnings per share because the exercise price of the stock options and SARs was greater than the average market price of the Company’s common shares (in thousands):

	Thirteen Weeks Ended
	April 28, 2012		April 30, 2011
Number of anti-dilutive stock options and SARs outstanding		2,649		1,788