Note 9 - Income Per Share

9 Months Ended

Dec. 29, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE I – INCOME PER SHARE          

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and thirty-nine week periods ended December 29, 2013 and December 23, 2012, respectively.

Thirteen weeks 

									Net Income
	Net Income				Number of Shares				Per Share
	2013		2012		2013		2012		2013			2012
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	1,107	$	1,062		4,466		4,414	$	0.25		$	0.24
Effect of dilutive employee stock options		-		-		156		198		(0.01	)		(0.01	)
Diluted EPS
Diluted calculation	$	1,107	$	1,062		4,622		4,612	$	0.24		$	0.23

Thirty-nine weeks

									Net Income
	Net Income				Number of Shares				Per Share
	2013		2012		2013		2012		2013			2012
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	7,109	$	5,913		4,447		4,396	$	1.60		$	1.35
Effect of dilutive employee stock options		-		-		162		186		(0.06	)		(0.06	)
Diluted EPS
Diluted calculation	$	7,109	$	5,913		4,609		4,582	$	1.54		$	1.29

There were no options to purchase shares of common stock for the thirteen and thirty-nine week periods ended December 29, 2013 and December 23, 2012 that were excluded from the computation of diluted earnings per share.