Stockholders` Equity

3 Months Ended

Apr. 02, 2016

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 (in thousands):

	Three Months Ended
	April 2,	March 28,
	2016	2015
Weighted average shares outstanding for basic calculation	14,222	14,236
Add: Effect of dilutive stock options	-	228
Weighted average shares outstanding, adjusted for diluted calculation	14,222	14,464

In the three month period ended April 2, 2016, the dilutive effect of stock options is not recognized since we had a net loss.  Approximately 1.2 million shares in 2016 were issuable upon the exercise of stock options, which were not included in the diluted per share calculation because they were anti-dilutive.  Also, 628,000 shares in 2016 of restricted stock were not included because they were anti-dilutive.  In the 2015 first quarter period, approximately 926,000 stock options were excluded from the diluted per share calculation as they would be anti-dilutive.  

A reconciliation of the activity in Stockholders’ Equity accounts for the quarter ended April 2, 2016 is as follows (in thousands):

	Common		Capital in Excess of		Retained		Accumulated Other Comprehensive
	Stock		Par Value		Earnings		Loss
Balance at December 31, 2015	$	283	$	17,521	$	32,023	$	(2,175)
Net loss		-		-		(1,485)		-
Purchase and retirement of common stock		(8)		(1,004)		-		-
Stock purchase and retirement for tax withholdings on vesting of restricted awards		-		(14)		-		-
Stock-based compensation		-		130		-		-
Adjustment to net periodic benefit cost		-		-		-		23
Balance at April 2, 2016	$	275	$	16,633	$	30,538	$	(2,152)