(3) Net Income Per Common and Common Equivalent Share

6 Months Ended

Jul. 02, 2016

Earnings Per Share [Abstract]

(3) Net Income Per Common and Common Equivalent Share

(3)  Net Income Per Common and Common Equivalent Share

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period.  Diluted net income per common share is calculated by dividing net income by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock options and stock purchase rights.  Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive. 

The following table presents the calculation of both basic and diluted earnings per share (“EPS”):

	Three Months Ended				Six Months Ended
		July 2,		June 27,		July 2,		June 27,
		2016		2015		2016		2015
Basic EPS Computation:
Numerator:
Net income (loss)	$	(258,738)	$	113,832	$	(61,610)	$	187,619
Denominator:
Weighted average
Common shares
Outstanding		13,200,269		13,178,297		13,199,210		13,162,984
Basic EPS	$	(0.02)	$	0.01	$	(0.00)	$	0.01
Diluted EPS Computation:
Numerator:
Net income (loss)	$	(258,738)	$	113,832	$	(61,610)	$	187,619
Denominator:
Weighted average
Common shares
Outstanding		13,200,269		13,178,297		13,199,210		13,162,984
Dilutive effect of stock options		—		449,049		—		516,371
Total Shares		13,200,269		13,627,346		13,199,210		13,679,355
Diluted EPS	$	(0.02)	$	0.01	$	(0.00)	$	0.01