Note 13 - Net Income (Loss) Per Share

6 Months Ended

Jul. 01, 2011

Earnings Per Share [Text Block]

13. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share gives effect to all potentially dilutive common shares outstanding during the period, which include certain stock–based awards, calculated using the treasury stock method, and convertible notes which are potentially dilutive at certain earnings levels, and are computed using the if-converted method.

A reconciliation of the numerator and denominator of the basic and diluted income (loss) per share computations for continuing operations, discontinued operations and net income (loss) was as follows:

	Three-Month Period Ended						Six-Month Period Ended
	July 1, 2011			July 2, 2010			July 1, 2011		July 2, 2010
	(in thousands, except per share amounts)
Numerators (basic and diluted):
Income (loss) from continuing operations, net of taxes	$	(1,550	)	$	(19,214	)	$	267	$	(27,063	)
Income from discontinued operations, net of taxes		6,830			10,084			6,830		10,960
Net income (loss)	$	5,280		$	(9,130	)	$	7,097	$	(16,103	)
Denominators:
Weighted average shares outstanding - basic		108,813			119,675			108,807		119,539
Effect of dilutive securities:
Stock-based awards		136			-			105		-
Weighted average shares outstanding - diluted		108,949			119,675			108,912		119,539
Income (loss) per share:
Basic
Income (loss) from continuing operations, net of taxes	$	(0.01	)	$	(0.16	)	$	0.00	$	(0.23	)
Income from discontinued operations, net of taxes	$	0.06		$	0.08		$	0.06	$	0.09
Net income (loss)	$	0.05		$	(0.08	)	$	0.07	$	(0.13	)
Diluted
Income (loss) from continuing operations, net of taxes	$	(0.01	)	$	(0.16	)	$	0.00	$	(0.23	)
Income from discontinued operations, net of taxes	$	0.06		$	0.08		$	0.06	$	0.09
Net income (loss)	$	0.05		$	(0.08	)	$	0.07	$	(0.13	)

Diluted loss per share for the three-month and six-month periods ended July 2, 2010 was based only on the weighted-average number of shares outstanding during that period, as the inclusion of any common stock equivalents would have been anti-dilutive. As a result, the same weighted-average number of common shares outstanding during that period was used to calculate both the basic and diluted earnings per share.  In addition, certain potential common shares were excluded from the diluted computation for the three-month and six-month periods ended July 1, 2011 because their inclusion would have been anti-dilutive.  The weighted-average number of common shares used to calculate the diluted earnings per share for loss from continuing operations, net of taxes, during each of the periods was also used to compute all other reported diluted earnings per share, even though it could result in anti-dilution.  The potential common shares excluded for the three-month and six-month periods ended July 1, 2011 and July 2, 2010 were as follows:

	Three-Month Period Ended				Six-Month Period Ended
	July 1, 2011		July 2, 2010		July 1, 2011		July 2, 2010
	(in thousands)
Outstanding stock options		-		4,395		-		4,875
Outstanding restricted stock		-		1,119		-		1,489
3/4% convertible senior subordinated notes due 2023		30		30		30		30