7. Earnings Per Share

9 Months Ended

Oct. 30, 2011

Earnings Per Share [Text Block]

7.           Earnings Per Share

Since 2006, we have issued restricted stock awards to non-employee members of the board of directors under our stock incentive plan and expect to continue to grant these awards to non-employee board members.  These awards vest if the director remains on the board through a 36-month service period and may vest earlier upon certain events specified in the plan. During the 2012 fiscal third quarter, we awarded 10,684 restricted stock units (RSUs) to a senior executive, in connection with an employment agreement.  Unlike the restricted stock awards made to our non-employee directors, the shares of our common stock that may be issued under these RSUs will not be issued until a three-year vesting period has elapsed. The RSU grantee is not entitled to receive dividends on, or vote, these shares during the vesting period. However, both our unvested restricted stock awards and unvested RSUs are considered when computing diluted earnings per share. As of October 30, 2011 and January 30, 2011 there were 42,479 dilutive shares and 20,630 dilutive shares, respectively, outstanding, or deemed outstanding, under restricted stock and RSU awards, net of forfeitures and vested shares on each date.  

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

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 30,		October 31,		October 30,		October 31,
	2011		2010		2011		2010
Net income	$	2,260	$	1,170	$	4,429	$	3,422
Less: Unvested participating restricted stock dividends		3		3		3		4
Earnings available for common shareholders		2,257		1,167		4,426		3,418
Weighted average shares outstanding for basic       earnings per share		10,762		10,757		10,762		10,757
Dilutive effect of unvested restricted stock and RSU awards		21		11		26		11
Weighted average shares outstanding for diluted       earnings per share		10,783		10,768		10,788		10,768
Basic earnings per share	$	0.21	$	0.11	$	0.41	$	0.32
Diluted earnings per share	$	0.21	$	0.11	$	0.41	$	0.32