Note 7 - Income Per Share

3 Months Ended

Jun. 24, 2012

Earnings Per Share [Text Block]

NOTE G – INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income 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 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-week periods ended June 24, 2012 and June 26, 2011, respectively.

Thirteen weeks

	Net Income				Number of Shares				Net Income Per Share
	2012		2011		2012		2011		2012			2011
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	2,006	$	1,596		4,368		5,078	$	0.46		$	0.31
Effect of dilutive employee stock options		-		-		163		123		(0.02	)		-
Diluted EPS
Diluted calculation	$	2,006	$	1,596		4,531		5,201	$	0.44		$	0.31

There were no options to purchase shares of common stock for the thirteen week period ended June 24, 2012 that were excluded from the computation of diluted earnings per share. Options to purchase 177,500 shares of common stock in the thirteen-week period ended June 26, 2011 were not included in the computation of diluted EPS because the exercise prices exceeded the average market price of common shares during the period.