Stockholders` Equity

6 Months Ended

Jul. 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		Six Months Ended
	July 2, 2016	June 27, 2015	July 2, 2016	June 27, 2015
Weighted average shares outstanding for basic calculation	14,083	14,260	14,164	14,250
Add: Effect of dilutive stock awards	-	237	-	211
Weighted average shares outstanding, adjusted for diluted calculation	14,083	14,497	14,164	14,461

In the three and six month periods ended July 2, 2016, the dilutive effect of stock options is not recognized since we had a net loss.  Approximately 1.2 million shares in the three and six month periods of 2016 were issuable upon the exercise of stock options. These were not included in the diluted per share calculation because they were anti-dilutive.  Also, 638,000 shares in 2016 of restricted stock were not included because they were anti-dilutive.  In the three and six month periods ended June 27, 2015, approximately 1.4 million 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 July 2, 2016 is as follows (in thousands):

							Accumulated Other Comprehensive Loss
			Capital in Excess of Par Value
	Common Stock				Retained Earnings
Balance at December 31, 2015	$	283	$	17,521	$	32,023	$	(2,175)
Net loss		-		-		(2,877)		-
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		-		117		-		-
Adjustment to net periodic benefit cost		-		-		-		47
Balance at July 2, 2016	$	275	$	16,620	$	29,146	$	(2,128)