EARNINGS (LOSS) PER SHARE

9 Months Ended

Oct. 29, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4 – EARNINGS (LOSS) PER SHARE

Earnings (loss) per share is presented for basic and diluted earnings per share.  Basic earnings per share excludes dilution and is computed by dividing income available to holders of common stock by the weighted-average number of common shares outstanding for the period.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

As of October 29, 2011, there were outstanding warrants for 9,485,600 shares with an exercise price of $1.12 and stock options for 1,188,932 shares with a weighted average exercise price of $3.07, which would be included in the computation of common stock equivalents for diluted earnings per share, if the impact was not anti-dilutive.

COMPUTATION OF INCOME (LOSS) PER SHARE

(in thousands, except for share and	Thirteen Weeks Ended					Thirty-nine Weeks Ended
per share amounts)	October 29,			October 30,		October 29,			October 30,
	2011			2010		2011			2010
Basic income (loss) per share:
Net income (loss)	$	(40	)	$	1,360	$	(6,118	)	$	(698	)
Weighted average number of common shares outstanding during period		19,896,396			19,739,148		19,827,108			19,675,566
Basic income (loss) per share	$	-		$	0.07	$	(0.31	)	$	(0.04	)
Diluted income (loss) per share:
Net income (loss)	$	(40	)	$	1,360	$	(6,118	)	$	(698	)
Weighted average number of common shares outstanding during period		19,896,396			19,739,148		19,827,108			19,675,566
Stock options		-			141,904		-			-
Warrants to purchase common stock		-			2,433,503		-			-
Restricted stock		-			12,539		-			-
Weighted average number of common shares outstanding during period adjusted for dilutive securities		19,896,396			22,327,094		19,827,108			19,675,566
Diluted income (loss) per share	$	-		$	0.06	$	(0.31	)	$	(0.04	)

Using the Treasury Stock method, the number of shares excluded from the diluted earnings (loss) per share calculation totaled approximately 10.9 and 1.0 million for the third quarters and 11.0 and 11.0 million for the thirty-nine weeks of 2011 and 2010, respectively.