Common Stock and Earnings (Loss) Per Share

3 Months Ended

Mar. 28, 2015

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 acquisition of Atlas Carpet Mills.

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
	March 28, 2015			March 29, 2014
Basic earnings (loss) per share:
Income (loss) from continuing operations	$	(2,380	)	$	4,820
Less: Allocation of earnings to participating securities	—			(197		)
Income (loss) from continuing operations available to common shareholders - basic	$	(2,380	)	$	4,623
Basic weighted-average shares outstanding (1)	15,435			12,789
Basic earnings (loss) per share - continuing operations	$	(0.15	)	$	0.36
Diluted earnings (loss) per share:
Income (loss) from continuing operations available to common shareholders - basic	$	(2,380	)	$	4,623
Add: Undistributed earnings reallocated to unvested shareholders	—			3
Income (loss) from continuing operations available to common shareholders - basic	$	(2,380	)	$	4,626
Basic weighted-average shares outstanding (1)	15,435			12,789
Effect of dilutive securities:
Stock options (2)	—			166
Directors' stock performance units (2)	—			62
Diluted weighted-average shares outstanding (1)(2)	15,435			13,017
Diluted earnings (loss) per share - continuing operations	$	(0.15	)	$	0.36

(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 months ended March 28, 2015 and March 29, 2014 were 469 and 123, respectively.