Stockholders' Equity

9 Months Ended

Sep. 28, 2013

Stockholders' Equity Note [Abstract]

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
	Sept. 28, 2013	Sept. 29, 2012	Sept. 28, 2013	Sept. 29, 2012
Weighted average shares outstanding for basic calculation	14,136	14,345	14,145	14,345
Add: Effect of dilutive stock options and restricted stock	-	-	-	142
Weighted average shares outstanding adjusted for diluted calculation	14,136	14,345	14,145	14,487

During the three and nine month periods ended September 28, 2013, the dilutive effect of outstanding stock options and restricted stock is not recognized since we have a net loss for those periods.  Approximately 2.0 million shares in 2013 were issuable upon the exercise of stock options.  Also, 373,000 shares of restricted stock in 2013 were not included because they were anti-dilutive.  During the three and nine month periods ended September 29, 2012, approximately 1.8 million and 729,000 stock options, respectively, were excluded from the diluted per share calculation as they would be anti-dilutive.  In addition, 205,000 shares of restricted stock were not included in the three month period of 2012 because they were anti-dilutive.

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

		Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss
Balance, December 31, 2012	$	284	$	15,018	$	72,421	$	(484)
Net loss		-		-		(8,093)		-
Stock repurchased		(2)		(356)		-		-
Stock-based compensation		-		661		-		-
Exercise of stock options		-		38		-		-
Adjustment to net periodic benefit cost		-		-		-		(100)
Balance, September 28, 2013	$	282	$	15,361	$	64,328	$	(584)