Note 10 - Per Share Data

6 Months Ended

Jul. 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 and twenty-six week periods ended July 2, 2016 and July 4, 2015 was determined as follows:

	Thirteen Week Periods Ended				Twenty-Six Week Periods Ended
	July 2, 2016		July 4, 2015		July 2, 2016		July 4, 2015
Basic weighted average shares outstanding		12,363,811		12,711,660		12,423,179		12,710,404
Dilutive effect of outstanding stock options and restricted stock awards		101,924		233,493		84,963		222,306
Weighted average dilutive shares outstanding		12,465,735		12,945,153		12,508,142		12,932,710

There were 42,500 and 40,000 absolute anti-dilutive shares not included in the calculation of common stock equivalents for the twenty-six week periods ended July 2, 2016 and July 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:

	July 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