Note 3 - Earnings Per Share

6 Months Ended

Jun. 29, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 – EARNINGS PER SHARE

The Company computes basic earnings per share (“EPS”) by dividing net income by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below.  Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings.

The Company includes all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following tables show distributed and undistributed earnings:

	Three Months Ended				Six Months Ended
	June 29, 2014		June 30, 2013		June 29, 2014		June 30, 2013
Earnings Per Share:
Basic Earnings Per Share:
Distributed Earnings	$	0.03	$	0.03	$	0.05	$	0.05
Undistributed Earnings		0.17		0.14		0.21		0.22
Total	$	0.20	$	0.17	$	0.26	$	0.27
Diluted Earnings Per Share:
Distributed Earnings	$	0.03	$	0.03	$	0.05	$	0.05
Undistributed Earnings		0.17		0.14		0.21		0.22
Total	$	0.20	$	0.17	$	0.26	$	0.27
Basic earnings per share	$	0.20	$	0.17	$	0.26	$	0.27
Diluted earnings per share	$	0.20	$	0.17	$	0.26	$	0.27

The following tables present net income that was attributable to participating securities:

	Three Months Ended				Six Months Ended
	June 29, 2014		June 30, 2013		June 29, 2014		June 30, 2013
			(In millions)
Net Income	$	0.3	$	0.3	$	0.4	$	0.5

The weighted average shares outstanding for basic and diluted EPS were as follows:

	Three Months Ended				Six Months Ended
	June 29, 2014		June 30, 2013		June 29, 2014		June 30, 2013
			(In thousands)
Weighted Average Shares Outstanding		65,012		64,486		65,011		64,454
Participating Securities		1,461		1,694		1,461		1,694
Shares for Basic Earnings Per Share		66,473		66,180		66,472		66,148
Dilutive Effect of Stock Options		77		149		86		149
Shares for Diluted Earnings Per Share		66,550		66,329		66,558		66,297

For all periods presented, all outstanding stock options were included in the computation of diluted earnings per share.