Note 8 - Income (Loss) Per Share

9 Months Ended

Dec. 25, 2011

Earnings Per Share [Text Block]

NOTE H – INCOME (LOSS) PER SHARE

Basic income (loss) per common share is calculated by dividing income (loss) by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income (loss) per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income (loss) per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and thirty-nine -week periods ended December 25, 2011 and December 26, 2010, respectively.

Thirteen weeks
										Net income (loss)
	Net income (loss)					Number of Shares				Per Share
	2011		2010			2011		2010		2011		2010
	(in thousands)					(in thousands)
Basic EPS
Basic calculation	$	1,211	$	(153	)		4,964		5,352	$	0.24	$	(0.03	)
Effect of dilutive employee stock options		-		-			149		-		-		-
Diluted EPS
Diluted calculation	$	1,211	$	(153	)		5,113		5,352	$	0.24	$	(0.03	)

Thirty-nine weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2011		2010		2011		2010		2011			2010
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	5,076	$	1,658		5,022		5,506	$	1.01		$	0.30
Effect of dilutive employee stock options		-		-		137		102		(0.03	)		-
Diluted EPS
Diluted calculation	$	5,076	$	1,658		5,159		5,608	$	0.98		$	0.30

There were no options to purchase shares of common stock in the thirteen and thirty-nine -week periods ended December 25, 2011 that were excluded from the computation of diluted EPS. Options to purchase 110,000 shares of common stock in the thirty-nine -week period ended December 26, 2010 were not included in the computation of diluted EPS because the exercise prices exceeded the average market price of common shares during the periods.