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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Earnings per share ("EPS") is calculated by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share ("diluted EPS") is calculated using income available to common stockholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and warrants. The following table sets forth the computations of basic and dilutive earnings per share:
 
 
Fiscal Quarter Ended
 
Three Fiscal Quarters Ended
 
 
September 30,
2014
 
October 1,
2013
 
September 30,
2014
 
October 1,
2013
Net income (in thousands):
 
$
2,943

 
$
3,265

 
$
7,894

 
$
4,257

Shares:
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
29,757,820

 
29,399,650

 
29,689,342

 
25,382,805

Dilutive stock options and warrants
 
1,136,084

 
1,663,563

 
1,353,101

 
1,145,199

Diluted weighted average number of shares outstanding
 
30,893,904

 
31,063,213

 
31,042,443

 
26,528,004

Earnings per share:
 
 
 
 
 
 
 
 
Basic EPS
 
$
0.10

 
$
0.11

 
$
0.27

 
$
0.17

Diluted EPS
 
$
0.10

 
$
0.11

 
$
0.25

 
$
0.16


In the third quarters of 2014 and 2013, there were 267,196 and zero outstanding options, respectively, excluded from the diluted earnings per share calculation because they were anti-dilutive. In the first three quarters of 2014 and 2013, there were 243,552 and 488,018 outstanding options, respectively, excluded from the diluted earnings per share calculation because they were anti-dilutive. All outstanding warrants are dilutive and were included in the calculation of diluted earnings per share.