Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note Disclosure [Text Block]

5.

Stockholders’ Equity

Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data:

	Three Months		Six Months
	Ended		Ended
	June 30,	July 2,	June 30,	July 2,
	2012	2011	2012	2011
Weighted average shares outstanding for basic calculation	14,345	14,345	14,345	14,345
Add: Effect of dilutive stock options and restricted stock	148	-	99	-
Weighted average shares outstanding adjusted for diluted calculation	14,493	14,345	14,444	14,345

During the three and six month periods ended June 30, 2012, approximately 700,000 stock options were excluded from the diluted per share calculation as they would be anti-dilutive. During the three and six month periods ended July 2, 2011, the dilutive effect of outstanding stock options is not recognized since we have a net operating loss for those periods. Approximately 1.4 million shares in 2011 were issuable upon the exercise of stock options. No restricted stock was available for inclusion in the diluted per share calculation for the respective 2011 periods.  

A reconciliation of the activity in Stockholders’ Equity accounts for the first half of 2012 is as follows:

	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
Balance, December 31, 2011	$287	$14,898	$42,037	($182)
Net income	-	-	35297	-
Stock-based compensation	-	388	-	-
Adjustment to net periodic benefit cost	-	-	-	(75)
Balance, June 30, 2012	$287	$15,286	$77,334	($257)