Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Income Per Share

v3.20.4
Note 10 - Income Per Share
9 Months Ended
Dec. 26, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
(
1
0
)
  
Income
Per Share
 
Basic net income per share (EPS) is calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted EPS reflects the net incremental shares that would be issued if unvested restricted shares became vested and dilutive outstanding stock options were exercised, using the treasury stock method. In the case of a net loss, it is assumed that
no
incremental shares would be issued because they would be antidilutive. In addition, certain options are considered antidilutive because assumed proceeds from exercise price, related tax benefits and average future compensation was greater than the weighted average number of options outstanding multiplied by the average market price during the period.
 
Shares included in the diluted EPS calculation for the
three
-month and
nine
-month periods ended
December 26, 2020
are as follows:
 
   
Three Month
Period Ended
   
Nine Month
Period Ended
 
   
December 26,
   
December 26,
 
(In thousands except per share data)
 
2020
   
2020
 
Net income attributable to common shareholders
  $
830
    $
425
 
                 
Weighted average basic shares outstanding
   
2,549
     
2,549
 
Effect of dilutive securities
   
384
     
384
 
Weighted-average dilutive shares
   
2,933
     
2,933
 
                 
Basic earnings per share
  $
0.33
    $
0.17
 
Diluted earnings per share
  $
0.28
    $
0.14
 
 
Shares excluded from the diluted EPS calculation because they would be anti-dilutive are as follows: 
 
   
Three Month
Period Ended
   
Nine Month
Period Ended
 
(In thousands)
 
December 28,
   
December 28,
 
   
2019
   
2019
 
Common shares issuable upon exercise of stock options
   
250
     
250
 
Restricted stock awards
   
10
     
10
 
Common shares issuable upon conversion of convertible preferred stock
   
61
     
61
 
Common shares issuable upon exercise of warrants
   
169
     
169
 
 
The stock options, restricted stock, convertible preferred stocks and warrants are
not
included in the computation of diluted EPS for the
three
-month and
nine
-month periods ended
December 28, 2019
because the Company reported a net loss and, therefore, the effect of these instruments would be anti-dilutive.