Stockholders' Equity

9 Months Ended

Oct. 01, 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		Nine Months Ended
	Oct. 1, 2016	Sept. 26, 2015	Oct. 1, 2016	Sept. 26, 2015
Weighted average shares outstanding for basic calculation	14,094	14,285	14,143	14,260
Add: Effect of dilutive stock awards	-	263	-	271
Weighted average shares outstanding, adjusted for diluted calculation	14,094	14,548	14,143	14,531

In the three and nine month periods ended October 1, 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 nine 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 nine month periods ended September 26, 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 first nine months ended October 1, 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		-		-		(4,957)		-
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		-		218		-		-
Dividends		-		-		(18,195)		-
Adjustment to net periodic benefit cost		-		-		-		71
Balance at October 1, 2016	$	275	$	16,721	$	8,871	$	(2,104)