Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Earnings/Loss Per Share

v2.4.1.9
Note 6 - Earnings/Loss Per Share
9 Months Ended
Dec. 27, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

(6)         Earnings/Loss Per Share


Basic earnings (loss) per common share (EPS) is calculated by dividing net income or loss attributable to common shareholders by the weighted average common shares outstanding during the period. Net income attributable to common shareholders excludes distributed and undistributed earnings attributable to preferred stock, which constitute participating securities due to their dividend rights, and to which the Company applies the two-class method of calculating and presenting earnings per share. Diluted EPS reflects the net incremental shares that would be issued if unvested restricted shares became vested and dilutive outstanding stock options and warrants 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 and restricted stock 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.


The shares used in per share computations are as follows:


   

Three Month Periods Ended

   

Nine Month Periods Ended

 
   

December 27,

   

December 28,

   

December 27,

   

December 28,

 

(In thousands except per share data)

 

2014

   

2013

   

2014

   

2013

 

Net income/(loss) as reported

  $ 67     $ (718 )   $ (283 )   $ (2,476 )

Net income/(loss) attributable to participating securities

    (18 )                  

Net income/(loss) attributable to common shareholders

  $ 49     $ (718 )   $ (283 )   $ (2,476 )
                                 

Weighted average:

                               

Common shares outstanding

    5,208       5,060       5,166       5,057  

Potential common shares

    255                    

Common shares assuming dilution

    5,463       5,060       5,166       5,057  
                                 

Net earnings/(loss) per common share – basic

  $ 0.01     $ (0.14 )   $ (0.05 )   $ (0.49 )

Net earnings/(loss) per common share - diluted

  $ 0.01     $ (0.14 )   $ (0.05 )   $ (0.49 )

Stock options not included in computation that could potentially dilute EPS in the future

    1,376       1,751       1,759       1,751  

Restricted stock awards not included in computation that could potentially dilute EPS in the future

    187       122       237       122  

Convertible preferred stock not included in computation that could potentially dilute EPS in the future

          1,853       1,853       1,853  

Warrants not included in computation that could potentially dilute EPS in the future

          1,017       1,277       1,017  

The restricted stock awards and stock options not included in the computation of diluted earnings per share for the three month period ended December 27, 2014 are as a result of these instruments being anti-dilutive after application of the treasury method described above. The restricted stock awards, stock options, warrants and convertible preferred stock not included in the computation of diluted earnings per share (EPS) for the nine month periods ended December 27, 2014 and December 28, 2013 and for the three months ended December 28, 2013 are a result of the Company’s net loss and, therefore, these instruments are anti-dilutive.