Note 3 - Earnings Per Share

6 Months Ended

Jul. 05, 2015

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
	July 5, 2015		June 29, 2014		July 5, 2015		June 29, 2014
Earnings Per Share :

Basic Earnings Per Share:
Distributed Earnings	$	0.04	$	0.03	$	0.08	$	0.05
Undistributed Earnings		0.29		0.17		0.43		0.21
Total	$	0.33	$	0.20	$	0.51	$	0.26

Diluted Earnings Per Share:
Distributed Earnings	$	0.04	$	0.03	$	0.08	$	0.05
Undistributed Earnings		0.29		0.17		0.43		0.21
Total	$	0.33	$	0.20	$	0.51	$	0.26

Basic earnings per share	$	0.33	$	0.20	$	0.51	$	0.26
Diluted earnings per share	$	0.33	$	0.20	$	0.51	$	0.26

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

	Three Months Ended				Six Months Ended
	July 5, 2015		June 29, 2014		July 5, 2015		June 29, 2014
			(In millions)
Net Income	$	0.5	$	0.3	$	0.8	$	0.4

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

	Three Months Ended				Six Months Ended
	July 5, 2015		June 29, 2014		July 5, 2015		June 29, 2014
			(In thousands)
Weighted Average Shares Outstanding		64,497		65,012		64,710		65,011
Participating Securities		1,498		1,461		1,498		1,461
Shares for Basic Earnings Per Share		65,995		66,473		66,208		66,472
Dilutive Effect of Stock Options		49		77		45		86
Shares for Diluted Earnings Per Share		66,044		66,550		66,253		66,558

For all periods presented, there were no options or participating securities excluded from the computation of diluted EPS.