Stockholders' Equity

6 Months Ended

Jun. 29, 2013

Stockholders' Equity Note Disclosure [Text Block]

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 29,	June 30,	June 29,	June 30,
	2013	2012	2013	2012
Weighted average shares outstanding for basic calculation	14,127	14,345	14,148	14,345
Add: Effect of dilutive stock options and restricted stock	-	148	-	99
Weighted average shares outstanding adjusted for diluted calculation	14,127	14,493	14,148	14,444

During the three and six month periods ended June 29, 2013, the dilutive effect of outstanding stock options and restricted stock is not recognized since we have a net loss for those periods. Approximately 2.1 million shares in 2013 were issuable upon the exercise of stock options. 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. Also, 381,000 shares of restricted stock in 2013 were not included because they were anti-dilutive

A reconciliation of the activity in Stockholders’ Equity accounts for the first half of 2013 is as follows:

					Accumulated
			Capital in		Other
		Common	Excess of	Retained	Comprehensive
		Stock	Par Value	Earnings	Loss
Balance, December 31, 2012	$	284	$15,018	$72,421	$ (484)
Net loss		-	-	(5,623)	-
Stock repurchased		(1)	(356)	-	-
Stock-based compensation		-	450	-	-
Exercise of stock options		-	25	-	-
Adjustment to net periodic benefit cost		-	-	-	(67)
Balance, June 29,2013	$	283	$15,137	$66,798	$ (551)