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Common Stock and Earnings (Loss) Per Share
 9 Months Ended
Sep. 27, 2014
Earnings Per Share, Basic and Diluted [Abstract]  
Common Stock and Earnings (Loss) Per Share
COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Common Stock

On May 20, 2014, the Company completed its equity offering of 2,500,000 shares of Common Stock at a price of $10.65 per share, raising approximately $24,559 after deducting underwriter fees and costs directly related to the offering. The Company used the net proceeds from the offering for general corporate purposes and to reduce the balance under the Company's revolving credit facility, including borrowings associated with the recent acquisition of Atlas Carpet Mills. In addition, the proceeds were used to pay off the Tranche B loan of $5,764 due June 30, 2014.

Earnings (Loss) Per Share

The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings.  Undistributed earnings represent earnings that were available for distribution but were not distributed.  Common stock and unvested share-based payment awards earn dividends equally.  All earnings were undistributed in all periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations:
 
Three Months Ended
 
Nine Months Ended
 
September 27,
2014
 
September 28,
2013
 
September 27,
2014
 
September 28,
2013
Basic earnings (loss) per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(166
)
 
$
1,432

 
$
3,664

 
$
3,761

Less: Allocation of earnings to participating securities
—

 
(57
)
 
(182
)
 
(149
)
Income (loss) from continuing operations available to common shareholders - basic
$
(166
)
 
$
1,375

 
$
3,482

 
$
3,612

Basic weighted-average shares outstanding (1)
15,394

 
12,760

 
14,040

 
12,722

Basic earnings (loss) per share - continuing operations
$
(0.01
)
 
$
0.11

 
$
0.25

 
$
0.28

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations available to common shareholders - basic
$
(166
)
 
$
1,375

 
$
3,482

 
$
3,612

Add: Undistributed earnings reallocated to unvested shareholders
—

 
1

 
3

 
1

Income (loss) from continuing operations available to common shareholders - basic
$
(166
)
 
$
1,376

 
$
3,485

 
$
3,613

Basic weighted-average shares outstanding (1)
15,394

 
12,760

 
14,040

 
12,722

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options (2)
—

 
77

 
111

 
45

Directors' stock performance units (2)
—

 
62

 
65

 
61

Diluted weighted-average shares outstanding (1)(2)
15,394

 
12,899

 
14,216

 
12,828

Diluted earnings (loss) per share - continuing operations
$
(0.01
)
 
$
0.11

 
$
0.25

 
$
0.28



(1)
Includes Common and Class B Common shares, in thousands.
(2)
Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ended September 27, 2014 were 552 and 432, respectively, and for the three and nine months ending September 28, 2013 were 450 and 530, respectively.