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Earnings Per Share
 6 Months Ended
Jul. 01, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

Note B – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

           

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share amounts)

 

Quarter Ended

 

Six Months Ended

 

 

July 1

 

 

July 3

 

July 1

 

July 3

 

 

2012

 

 

2011

 

2012

 

2011

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (numerator for basic and diluted earnings per share)

 

$

 221 

 

 

$

 57 

 

$

 2,642 

 

$

 1,119 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (denominator for basic earnings per share)

 

 

 5,997 

 

 

 

 5,991 

 

 

 5,996 

 

 

 5,984 

Effect of dilutive securities

 

 

 278 

 

 

 

 97 

 

 

 232 

 

 

 89 

Adjusted weighted average shares (denominator for diluted earnings per share)

 

 

 6,275 

 

 

 

 6,088 

 

 

 6,228 

 

 

 6,073 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

 0.04 

 

 

$

 0.01 

 

$

 0.44 

 

$

 0.19 

Diluted earnings per share

 

$

 0.04 

 

 

$

 0.01 

 

$

 0.42 

 

$

 0.18 

 

 

The calculations of diluted earnings per share exclude options for the purchase of 158,500 shares of the Company’s common stock for the quarter and six-month period ended July 1, 2012, and 483,500 shares of the Company's common stock for the quarter and six-month periods ended July 3, 2011, respectively, because the effect of their inclusion would be anti-dilutive.