Calculation of earnings per share and weighted average shares outstanding

3 Months Ended

Jan. 02, 2016

Calculation of earnings per share and weighted average shares outstanding [Abstract]

Calculation of earnings per share and weighted average shares outstanding

(5) Calculation of earnings per share and weighted average shares outstanding

Basic earnings per share is computed by dividing the net income or loss for the period by the weighted average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities, including convertible preferred stock, using the treasury stock method unless the effect is anti-dilutive.

Basic and diluted net income per common share for the three month periods ended January 2, 2016 and January 3, 2015 were calculated as follows:

	(in thousands except per share data)
	Three Months ended
	January 2, 2016		January 3, 2015
Numerator:
Net income attributable to common stockholders for computing net income per ordinary share – basic	$	11	$	171
Dividend eliminated upon assumed conversion of convertible preferred stock		-		-
Net income attributable to common stockholders for computing net income per ordinary share – diluted	$	11	$	171
Denominator:
Weighted average shares used in calculating net income per ordinary share – basic		3,429		3,427
Adjustment for assumed conversion of convertible preferred stock		-		-
Adjustment for shares issuable upon vesting of restricted stock		147		86
Weighted average shares used in calculating net income per ordinary share – diluted		3,576		3,513
Net income per ordinary share - basic	$	0.00	$	0.05
Net income per ordinary share - diluted	$	0.00	$	0.05
No. of shares of convertible preferred stock that are anti-dilutive excluded from calculation of common stock equivalents		1,356		1,382