Note 4 - Earnings Per Share

3 Months Ended

Jun. 25, 2011

Earnings Per Share [Text Block]

(4)           Earnings Per Share

Basic earnings per share (EPS) is calculated by dividing net income or loss by the weighted average common shares outstanding during the period.  Diluted EPS reflects the net incremental shares that would be issued if unvested restricted shares became vested and dilutive outstanding stock options were exercised, using the treasury stock method.  Certain options are considered antidilutive because the options' exercise prices were above the average market price during the period.  The shares used in per share computations are as follows:

	Three Months Ended
(In thousands except per share data)	June 25, 2011			June 26, 2010
Net (loss) income	$	(467	)	$	13,625
Weighted average:
Common shares outstanding		4,995			4,901
Potential common shares		-			99
Common shares assuming dilution		4,995			5,000
Net (loss) earnings per share - basic	$	(0.09	)	$	2.78
Net (loss) earnings per share - diluted	$	(0.09	)	$	2.73
Stock options not included in computation that could potentially dilute EPS in the future		852			644
Restricted stock awards not included in computation that could potentially dilute EPS in the future		90			60

The number of stock options not included in the computation of diluted EPS for the three month period ended June 25, 2011 is a result of the Company’s loss from continuing operations and, therefore, the options are antidilutive.  The number of stock options not included in the computation of diluted EPS for the three month period ended June 26, 2010 reflects stock options where the exercise prices and related assumed proceeds were greater than the average market price of the common shares and are, therefore, antidilutive.  The number of restricted stock awards not included in the computation of diluted EPS for the three month periods ended June 25, 2011 and June 26, 2010 reflect contingently issuable shares for which the performance conditions necessary for the awards to vest had not been met as of June 25, 2011 and June 26, 2010.  The weighted average exercise price of excluded options was $1.93 and $2.13 as of June 25, 2011 and June 26, 2010 respectively.