Stockholders' Equity

9 Months Ended

Sep. 29, 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		Nine Months
	Ended		Ended
	September 29,	October 1,	September 29,	October 1,
	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			142
Weighted average shares outstanding adjusted for diluted calculation	14,345	14,345	14,487	14,345

During the three month period ended September 29, 2012, the dilutive effect of outstanding stock options is not recognized since we have a net operating loss for the period.  During the nine month period ended September 29, 2012, approximately 729,000 stock options were excluded from the diluted per share calculation as they would be anti-dilutive.  During the three and nine month periods ended October 1, 2011, the dilutive effect of outstanding stock options is not recognized since we have a net operating loss for those periods.  Approximately 1.8 million shares in 2012 and 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 nine months of 2012 is as follows:

							Accumulated
			Capital in				Other
	Common		Excess of		Retained		Comprehensive
	Stock		Par Value		Earnings		Loss
Balance, December 31, 2011	$	287	$	14,898	$	42,037	$	(182)
Net income						33,392
Stock-based compensation				589
Adjustment to net periodic benefit cost								(109)
Balance, September 29, 2012	$	287	$	15,487	$	75,429	$	(291)