Note 10 - Per Share Data

3 Months Ended

Apr. 02, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

1 0 . Per Share Data

Both basic and diluted earnings per share for all periods are calculated based on the reported earnings in the Company’s consolidated statements of income.

The number of shares of common stock used to calculate basic and diluted earnings per share for the thirteen week periods ended April 2, 2016 and April 4, 2015 was determined as follows:

	Thirteen Week Periods Ended
	April 2, 2016		April 4, 2015
Basic weighted average shares outstanding		12,482,547		12,456,220
Dilutive effect of outstanding stock options and restricted stock awards		67,198		210,261
Weighted average dilutive shares outstanding		12,549,745		12,666,481

There were 69,500 and 240,000 absolute anti-dilutive shares not included in the calculation of common stock equivalents for the thirteen week periods ended April 2, 2016 and April 4, 2015, respectively.  These were determined to be anti-dilutive because the exercise prices of these shares for the periods were higher than the average market price of the Company’s common stock for the same periods.

Unissued shares of common stock were reserved for the following purposes:

	April 2, 2016		January 2, 2016
Exercise of options outstanding		44,500		44,500
Time-based restricted stock units outstanding		233,834		208,834
Performance-based restricted stock units outstanding		200,000		0
Future grants of options or shares		157,000		382,000
Shares reserved for employee stock purchase plan		309,391		349,436
Total		944,725		984,770