Summer Infant (SUMR) 10-Q 31 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 29, 2018	Oct. 29, 2018
Document and Entity Information
Entity Registrant Name	Summer Infant, Inc.
Entity Central Index Key	1,314,772
Document Type	10-Q
Document Period End Date	Sep. 29, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		18,796,362
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2018	Dec. 30, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 1,059	$ 681
Trade receivables, net of allowance for doubtful accounts	37,273	36,640
Inventory, net	27,207	34,035
Prepaid and other current assets	1,274	950
TOTAL CURRENT ASSETS	66,813	72,306
Property and equipment, net	9,772	9,640
Other intangible assets, net	13,485	14,046
Deferred tax assets, net	1,920	1,935
Other assets	102	103
TOTAL ASSETS	92,092	98,030
CURRENT LIABILITIES
Accounts payable	25,268	24,642
Accrued expenses	7,588	9,818
Current portion of long term debt	875	3,250
TOTAL CURRENT LIABILITIES	33,731	37,710
Long-term debt, less current portion and unamortized debt issuance costs	44,085	43,772
Other liabilities	2,772	2,906
TOTAL LIABILITIES	80,588	84,388
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 1,000,000 authorized, none issued or outstanding at September 29, 2018 and December 30, 2017, respectively
Common Stock $0.0001 par value, authorized, issued and outstanding of 49,000,000, 19,068,011, and 18,796,362 at September 29, 2018 and 49,000,000, 18,901,386, and 18,629,737 at December 30, 2017, respectively	2	2
Treasury Stock at cost ( 271,649 shares at September 29, 2018 and December 30, 2017)	(1,283)	(1,283)
Additional paid-in capital	77,306	76,848
Accumulated deficit	(61,925)	(59,634)
Accumulated other comprehensive loss	(2,596)	(2,291)
TOTAL STOCKHOLDERS' EQUITY	11,504	13,642
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 92,092	$ 98,030

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 29, 2018	Dec. 30, 2017
Condensed Consolidated Balance Sheets
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, authorized	1,000,000	1,000,000
Preferred Stock, issued	0	0
Preferred Stock, outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, authorized	49,000,000	49,000,000
Common Stock, issued	19,068,011	18,901,386
Common Stock, outstanding	18,796,362	18,629,737
Treasury Stock at cost, shares	271,649	271,649

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Consolidated Statements of Operations
Net sales	$ 43,838	$ 43,134	$ 133,571	$ 143,053
Cost of goods sold	30,227	29,502	90,974	96,816
Gross profit	13,611	13,632	42,597	46,237
General & administrative expenses	7,623	10,536	29,587	30,060
Selling expenses	3,658	3,117	9,427	11,248
Depreciation and amortization	1,012	1,023	3,087	3,120
Operating income (loss)	1,318	(1,044)	496	1,809
Interest expense, net	1,118	748	3,300	2,206
Income (loss) before provision (benefit) for income taxes	200	(1,792)	(2,804)	(397)
Provision (benefit) for income taxes	82	(549)	(513)	135
Net income (loss)	$ 118	$ (1,243)	$ (2,291)	$ (532)
Net income (loss) per share:
BASIC (in dollars per share)	$ 0.01	$ (0.07)	$ (0.12)	$ (0.03)
DILUTED (in dollars per share)	$ 0.01	$ (0.07)	$ (0.12)	$ (0.03)
Weighted average shares outstanding:
BASIC (in shares)	18,788,650	18,606,427	18,723,477	18,557,175
DILUTED (in shares)	18,878,112	18,606,427	18,723,477	18,557,175

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 118	$ (1,243)	$ (2,291)	$ (532)
Other comprehensive income (loss):
Changes in foreign currency translation adjustments	95	383	(305)	716
Comprehensive income (loss)	$ 213	$ (860)	$ (2,596)	$ 184

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (2,291)	$ (532)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,087	3,150
Stock-based compensation expense	433	375
Write off of unamortized deferred financing costs	518
Provision for allowance for doubtful accounts	1,496	2,178
Changes in assets and liabilities:
(Increase) decrease in trade receivables	(2,418)	959
Decrease (increase) in inventory	6,474	(812)
(Increase) decrease in prepaids and other assets	(359)	246
Decrease in accounts payable and accrued expenses	(1,496)	(6,785)
Net cash provided by (used in) operating activities	5,444	(1,221)
Cash flows from investing activities:
Acquisitions of property and equipment	(2,644)	(2,011)
Net cash used in investing activities	(2,644)	(2,011)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	25	6
Repayment of Prior Term Loan Facility	(5,000)	(1,000)
Repayment of Prior FILO	(1,250)	(1,250)
Payment of financing fees and expenses	(1,958)
Proceeds from New Term Loan Facility	17,500
Net (repayments) borrowings on revolving facilities	(11,871)	4,974
Net cash (used in) provided by financing activities	(2,554)	2,730
Effect of exchange rate changes on cash and cash equivalents	132	264
Net increase (decrease) in cash and cash equivalents	378	(238)
Cash and cash equivalents, beginning of period	681	999
Cash and cash equivalents, end of period	1,059	761
Supplemental disclosure of cash flow information:
Cash paid for interest	2,207	1,684
Cash paid for income taxes	$ 4	$ 25

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 29, 2018
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Company designs, markets and distributes branded juvenile health, safety and wellness products that are sold globally to large national retailers as well as independent retailers, primarily in North America. The Company currently markets its products in several product categories including safety, nursery, monitoring, baby gear, and feeding products. Most products are sold under our core brand names of Summer Infant®, SwaddleMe®, and Born Free®. When used herein, the terms the “Company,” "we,” “us,” and “our” mean Summer Infant, Inc. and its consolidated subsidiaries. Basis of Presentation and Principles of Consolidation The accompanying interim, condensed consolidated financial statements of the Company are unaudited, but in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The results of operations for interim periods are not necessarily indicative of results to be expected for the entire fiscal year or any other period. The balance sheet at December 30, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes for the year ended December 30, 2017 included in its Annual Report on Form 10-K filed with the SEC on February 20, 2018. It is the Company’s policy to prepare its financial statements on the accrual basis of accounting in conformity with GAAP. The interim condensed consolidated financial statements include the accounts of its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidation. All dollar amounts included in the Notes to Condensed Consolidated Financial Statements are in thousands of U.S. dollars, except share and per share amounts. Revenue Recognition As of December 31, 2017, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The Company reviewed all contracts at the date of initial application and elected to use the modified retrospective transition method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at December 31, 2017. Therefore , comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 605, Revenue Recognition, (“ASC 605”). The adoption of the new revenue recognition guidance was immaterial to the Company’s condensed consolidated statements of operations, comprehensive (loss) income, balance sheet, and cash flows as of and for the nine months ending September 29, 2018. Refer to Note 2 for additional information regarding the Company's adoption of ASC 606. The Company’s principal activities from which it generates its revenue is product sales. The Company has one reportable segment of business. Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer when product delivery occurs. Consideration is typically paid approximately 60 days from the time control is transferred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in selling costs. A performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of juvenile products to its customers. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. A transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimation into the determination of the transaction price. The Company conducts its business with customers through valid purchase or sales orders each of which is considered a separate contract because individual orders are not interdependent on one another. Product transaction prices on a purchase or sale order are discrete and stand-alone. Purchase or sales orders may be issued under either a customer master service agreement or a reseller allowance agreement. Purchase or sales orders, master service agreements, and reseller allowance agreements which are specific and unique to each customers, may include product price discounts, markdown allowances, return allowances, and/or volume rebates which reduce the consideration due from customers. Variable consideration is estimated using the most likely amount method, which is based on our historical experience as well as current information such as sales forecasts. Contracts may also include cooperative advertising arrangements where the Company allows a discount from invoiced product amounts in exchange for customer purchased advertising that features the Company’s products. These allowances are generally based upon product purchases or specific advertising campaigns. Such allowances are accrued when the related revenue is recognized. These cooperative advertising arrangements provide a distinct benefit and fair value and are accounted for as direct selling expenses. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of revenues, expenses, assets, liabilities and related disclosures. These estimates are based on management’s best knowledge as of the date the financial statements are published of current events and actions the Company may undertake in the future. Accordingly, actual results could differ from those estimates. Allowance for Doubtful Accounts Trade receivables are carried at their outstanding unpaid principal balances reduced by an allowance for doubtful accounts. The Company estimates doubtful accounts based on historical bad debts, factors related to specific customers’ ability to pay and current economic trends. The Company writes off accounts receivable against the allowance when a balance is determined to be uncollectible. Amounts are considered to be uncollectable based upon historical experience and management’s evaluation of outstanding accounts receivable. Changes in the allowance for doubtful accounts are as follows: For the nine months ended September 29, 2018 September 30, 2017 Allowance for doubtful accounts, beginning of period $ 1,622 $ 63 Charges to costs and expenses, net 1,768 2,178 Account write-offs (272) — Allowance for doubtful accounts, end of period $ 3,118 $ 2,241 Inventory Valuation Inventory is comprised mostly of finished goods and some component parts and is stated at the lower of cost using the first-in, first-out (“FIFO”) method, or net realizable value. The Company regularly reviews slow-moving and excess inventories, and writes down inventories to net realizable value if the expected net proceeds from the disposals of excess inventory are less than the carrying cost of the merchandise. Income Taxes Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred income tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carry-forwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, that it is more likely than not that such benefits will be realized. The net deferred tax assets and liabilities are presented as noncurrent. The Company follows the appropriate guidance relative to uncertain tax positions. This standard provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements. Net Income (Loss) Per Share Basic earnings (loss) per share for the Company is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share includes the dilutive impact of outstanding stock options and unvested restricted shares. Translation of Foreign Currencies All assets and liabilities of the Company’s foreign subsidiaries, each of whose functional currency is in its local currency, are translated into U.S. dollars at the exchange rate in effect at the end of the quarter and the income and expense accounts of these affiliates have been translated at average rates prevailing during each respective quarter. Resulting translation adjustments are made to a separate component of stockholders’ equity within accumulated other comprehensive (loss) income. Foreign exchange transaction gains and losses are included in the accompanying interim, condensed consolidated statement of operations. Recent ly Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“new lease standard”). The new lease standard will supersede the current guidance for lease accounting and will require lessees to recognize right-to-use assets and related lease liabilities on the balance sheet for leases with lease terms greater than twelve months. The objective is to increase transparency and comparability among organizations regarding lease accounting and disclosing key information about leasing arrangements. In July 2018, FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. The effective date for both standards for the Company will be the first quarter of fiscal year 2019, with early adoption permitted. The Company is evaluating the impact the adoption of this new standard will have on its consolidated financial statements and believes it is following an appropriate timeline to allow for proper recognition, presentation and disclosure upon adoption effective the beginning of fiscal year 2019. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

REVENUE

REVENUE	9 Months Ended
	Sep. 29, 2018
REVENUE
REVENUE	2. REVENUE Disaggregation of Revenue The Company’s revenue is primarily from distinct fixed-price product sales in the juvenile product market, to similar customers and channels utilizing similar types of contracts that are short term in nature (less than one year). The Company does not sell service agreements or goods over a period of time and does not sell or utilize customer financing arrangements or time-and-material contracts. The following is a table that presents net sales by geographical area: For the For the three months ended nine months ended September 29, 2018 September 29, 2018 United States $ 36,707 $ 111,210 All Other 7,131 22,361 Net Sales $ 43,838 $ 133,571 All Other consists of Canada, Europe, South America, Mexico, Asia, and the Middle East. Contract Balances The Company does not have any contract assets such as work-in-process or contract liabilities such as customer advances. All trade receivables on the Company’s condensed consolidated balance sheet are from contracts with customers. Contract Costs Costs incurred to obtain a contract are capitalized unless short term in nature. As a practical expedient, costs to obtain a contract that are short term in nature are expensed as incurred. All contract costs incurred in 2018 fall under the provisions of the practical expedient and have therefore been expensed.

DEBT

DEBT	9 Months Ended
	Sep. 29, 2018
DEBT
DEBT	3. DEBT Credit Facilities Bank of America Credit Facility. On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Second Amended and Restated Loan and Security Agreement with Bank of America, N.A., as agent, the financial institutions party to the agreement from time to time as lenders, and certain subsidiaries of the Company as guarantors (the “Restated BofA Agreement”). The Restated BofA Agreement replaced the Company’s prior credit facility with Bank of America, and provides for a $60,000, asset-based revolving credit facility, with a $5,000 letter of credit sub-line facility. The total borrowing capacity is based on a borrowing base, which is defined as 85% of eligible receivables plus the lesser of (i) 70% of the value or (ii) 85% of the net orderly liquidation value (NOLV) of eligible inventory, less applicable reserves. The scheduled maturity date of loans under the Restated BofA Agreement is June 28, 2023 (subject to customary early termination provisions). All obligations under the Restated BofA Agreement are secured by substantially all the assets of the Company, including a first priority lien on accounts receivable and inventory and a junior lien on certain assets subject to the term loan lender’s first priority lien as described below. Summer Infant Canada Limited and Summer Infant Europe Limited, subsidiaries of the Company, are guarantors under the Restated BofA Agreement. Proceeds from the loans were used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Restated BofA Agreement and may be used to pay obligations under the Restated BofA Agreement, and for lawful corporate purposes, including working capital. Loans under the Restated BofA Agreement bear interest, at the Company’s option, at a base rate or at LIBOR, plus applicable margins based on average quarterly availability under the Restated BofA Agreement. Interest payments are due monthly, payable in arrears. The Company is also required to pay an annual non-use fee on unused amounts, as well as other customary fees as are set forth in the Restated BofA Agreement. The Restated BofA Agreement contains customary affirmative and negative covenants. Among other restrictions, the Company is restricted in its ability to incur additional debt, make acquisitions or investments, dispose of assets, or make distributions unless in each case certain conditions are satisfied. In addition, if availability falls below a specified amount, then the Company must maintain a fixed charge coverage ratio at the end of each fiscal month of at least 1.0 to 1.0 for the twelve-month period then ended. The Restated BofA Agreement also contains customary events of default, including a cross default with the term loan and the occurrence of a change of control. In the event of a default, all of the obligations of the Company and its subsidiaries under the Restated BofA Agreement may be declared immediately due and payable. For certain events of default relating to insolvency and receivership, all outstanding obligations become due and payable. As of September 29, 2018, under the Restated BofA Agreement, the rate on base-rate loans was 6.25% and the rate on LIBOR-rate loans was 4.25%. The amount outstanding on the Restated BofA Agreement at September 29, 2018 was $29,957. Total borrowing capacity at September 29, 2018 was $41,993 and borrowing availability was $12,036. Prior to entering into the Restated BofA Agreement, the Company and Summer USA were parties to an amended and restated loan and security agreement with Bank of America, N.A., as agent, which provided for an asset-based credit facility (the “Prior Credit Facility”). The Prior Credit Facility consisted of a $60,000 asset-based revolving credit facility, with a $10,000 letter of credit sub-line facility (the “Revolving Facility”), a $5,000 “first in last out” (FILO) revolving credit facility (the “FILO Facility”) and a $10,000 term loan facility (the “Term Loan Facility”). The total borrowing capacity under the Revolving Facility was based on a borrowing base, generally defined as 85% of the value of eligible accounts plus the lesser of (i) 70% of the value of eligible inventory or (ii) 85% of the net orderly liquidation value of eligible inventory, less reserves. The total borrowing capacity under the FILO Facility was based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts that steps down over time, plus a specified percentage of the value of eligible inventory that steps down over time. As noted above, all obligations under the Revolving Facility and Term Loan Facility were repaid in connection with the Restated BofA Agreement and Term Loan Agreement described below. Loans under the FILO Facility were repaid April 21, 2018. Borrowings under the Revolving Facility generally accrue interest, at the Company’s option, at a base rate or at LIBOR, plus applicable margins based on average quarterly availability and ranging between 2.0% and 2.5% on LIBOR borrowings and 0.5% and 1.0% on base rate borrowings. Loans under the FILO Facility and Term Loan Facility accrued interest, at the Company’s option, at a base rate or at LIBOR, plus a margin of 4.25% on LIBOR borrowings and 2.75% on base rate borrowings. From April 24, 2018 through May 21, 2018, interest on the Revolving Facility accrued an additional 2.0% on the then applicable interest rate. Term Loan Agreement. On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Term Loan and Security Agreement (the "Term Loan Agreement") with Pathlight Capital LLC, as agent, each lender from time to time a party to the Term Loan Agreement, and certain subsidiaries of the Company as guarantors, providing for a $17,500 term loan (the "Term Loan"). Proceeds from the Term Loan were used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Term Loan and may be used to pay obligations under the Term Loan Agreement, and for lawful corporate purposes, including working capital. The Term Loan is secured by a lien on certain assets of the Company, including a first priority lien on intellectual property, machinery and equipment, and a pledge of (i) 100% of the ownership interests of domestic subsidiaries and (ii) 65% of the ownership interests in certain foreign subsidiaries of the Company, and a junior lien on certain assets subject to the liens under the Restated BofA Agreement described above. The Term Loan matures on June 28, 2023. Summer Infant Canada Limited and Summer Infant Europe Limited, subsidiaries of the Company, are guarantors under the Term Loan Agreement. The principal of the Term Loan will be repaid, on a quarterly basis, in installments of $219, with the first installment to be paid on December 1, 2018, until paid in full on termination. The Term Loan bears interest at an annual rate equal to LIBOR, plus 9.0%. Interest payments are due monthly, in arrears. Obligations under the Term Loan Agreement are also subject to restrictions on prepayment and a prepayment penalty if the Term Loan is repaid prior to the third anniversary of the closing of the Term Loan. The Term Loan Agreement contains customary affirmative and negative covenants that are substantially the same as the Restated BofA Agreement. In addition, if availability falls below a specified amount, then the Company must maintain a fixed charge coverage ratio at the end of each fiscal month of at least 1.0 to 1.0 for the twelve-month period then ended. The Term Loan Agreement also contains events of default, including a cross default with the Restated BofA Agreement and the occurrence of a change of control. In the event of a default, all of the obligations of the Company and its subsidiaries under the Term Loan Agreement may be declared immediately due and payable. For certain events of default relating to insolvency and receivership, all outstanding obligations become due and payable. As of September 29, 2018, the interest rate on the Term Loan was 11.4%. The amount outstanding on the Term Loan at September 29, 2018 was $17,500. The refinancing transaction was evaluated to determine the proper accounting treatment for the transaction. Accordingly, debt extinguishment accounting was used to account for the prepayment of the prior term loan facility and to prepay two members of the lender group for the prior credit facility with Bank of America that did not continue in the amended and restated credit facility, resulting in the write off of $518 in remaining unamortized deferred financing costs for the nine months ended September 29, 2018. Debt modification accounting was used for the remaining member of the lender group for the prior credit facility, resulting in remaining unamortized deferred financing costs of $675 and the new financing costs of $1,958 to be capitalized and amortized over the life of the new credit facility. Aggregate maturities of bank debt related to the Restated BofA Agreement and the Term Loan Agreement: Fiscal Year ending: 2018 219 2019 875 2020 875 2021 875 2022 and thereafter $ 44,613 Total $ 47,457 Unamortized debt issuance costs were $2,497 at September 29, 2018 and $1,127 at December 30, 2017, and are presented as a direct deduction of long-term debt on the consolidated balance sheets.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 29, 2018
INTANGIBLE ASSETS
INTANGIBLE ASSETS	4. INTANGIBLE ASSETS Intangible assets consisted of the following: September 29, December 30, 2018 2017 Brand names $ 11,819 $ 11,819 Patents and licenses 3,766 3,766 Customer relationships 6,946 6,946 Other intangibles 1,882 1,882 24,413 24,413 Less: Accumulated amortization (10,928) (10,367) Intangible assets, net $ 13,485 $ 14,046 The amortization period for the majority of the intangible assets ranges from 5 to 20 years for those assets that have an estimated life; certain of the assets have indefinite lives (brand names). Total of intangibles not subject to amortization amounted to $8,400 as of September 29, 2018 and December 30, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 29, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES Litigation The Company is a party to various routine claims, litigation and administrative complaints incidental to its business, including claims involving product liability, employee matters and other general liability claims, most of which are covered by insurance. We are not aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, results of operations or financial condition.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	9 Months Ended
	Sep. 29, 2018
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	6. SHARE BASED COMPENSATION The Company is currently authorized to issue up to 1,700,000 shares for equity awards under the Company’s 2012 Incentive Compensation Plan (as amended, “2012 Plan”). Periodically, the Company may also grant equity awards outside of its 2012 Plan as inducement grants for new hires. Under the 2012 Plan, awards may be granted to participants in the form of non-qualified stock options, incentive stock options, restricted stock, deferred stock, restricted stock units and other stock-based awards. Subject to the provisions of the plans, awards may be granted to employees, officers, directors, advisors and consultants who are deemed to have rendered or are able to render significant services to the Company or its subsidiaries and who are deemed to have contributed or to have the potential to contribute to the Company’s success. The Company accounts for options under the fair value recognition standard. Share-based compensation expense for the three months ended September 29, 2018 and September 30, 2017 was $118 and $100, respectively, and share-based compensation expense for the nine months ended September 29, 2018 and September 30, 2017 was $433 and $375, respectively. Share based compensation expense is included in general and administrative expenses. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of the options, but used an estimate for grants of “plain vanilla” stock options based on a formula prescribed by the Securities and Exchange Commission. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation expense recognized in the consolidated financial statements is based on awards that are ultimately expected to vest. As of September 29, 2018, there were 1,183,510 stock options outstanding and 335,750 unvested restricted shares outstanding. During the nine months ended September 29, 2018, the Company granted 341,240 stock options and 170,000 shares of restricted stock, respectively. The following table summarizes the weighted average assumptions used for stock options granted during the nine months ended September 29, 2018 and September 30, 2017. For the For the Nine Months Ended Nine Months Ended September 29, 2018 September 30, 2017 Expected life (in years) 4.9 4.9 Risk-free interest rate 2.7 % 1.9 % Volatility 64.0 % 71.4 % Dividend yield 0 % 0 % Forfeiture rate 23.1 % 22.6 % As of September 29, 2018, there were 856,182 shares available to grant under the 2012 Plan. Restricted Stock Units On July 13, 2016, the Company granted 100,000 performance-based RSUs to its new Chief Executive Officer. The RSUs represent the right to receive shares of the Company’s common stock upon achievement of specified performance metrics, and only vest if such performance metrics are achieved for fiscal year 2017 and fiscal year 2018. The RSUs expire if the performance metrics are not achieved or if employment is terminated. The fair value of the RSUs will be recognized as they are earned and when it is probable that the performance conditions will be met. In 2017, 50,000 of the RSUs expired as the performance metrics for 2017 were not achieved. The Company has not recognized any compensation expense in 2018 related to this award as it is unlikely that performance metrics will be achieved.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES	9 Months Ended
	Sep. 29, 2018
WEIGHTED AVERAGE COMMON SHARES
WEIGHTED AVERAGE COMMON SHARES	7. WEIGHTED AVERAGE COMMON SHARES Basic and diluted earnings or loss per share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares outstanding also included common stock equivalents such as stock options and restricted shares. The Company does not include the anti-dilutive effect of common stock equivalents in the calculation of dilutive common shares outstanding. The computation of diluted common shares for the three months ended September 29, 2018 excluded 1,117,327 stock options and 312,471 shares of restricted stock outstanding. The computation of diluted common shares for the nine months ended September 29, 2018 excluded 1,183,510 stock options and 335,750 shares of restricted stock outstanding. The computation of diluted common shares for the three months ended September 30, 2017 excluded 1,078,726 stock options and 348,516 shares of restricted stock outstanding. The computation of diluted common shares for the nine months ended September 30, 2017 excluded 1,078,726 stock options and 348,516 shares of restricted stock outstanding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 29, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	8. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q and determined that no subsequent events occurred that would require recognition in the consolidated financial statements or disclosure in the notes thereto.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 29, 2018
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue Recognition	Revenue Recognition As of December 31, 2017, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The Company reviewed all contracts at the date of initial application and elected to use the modified retrospective transition method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at December 31, 2017. Therefore , comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 605, Revenue Recognition, (“ASC 605”). The adoption of the new revenue recognition guidance was immaterial to the Company’s condensed consolidated statements of operations, comprehensive (loss) income, balance sheet, and cash flows as of and for the nine months ending September 29, 2018. Refer to Note 2 for additional information regarding the Company's adoption of ASC 606. The Company’s principal activities from which it generates its revenue is product sales. The Company has one reportable segment of business. Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer when product delivery occurs. Consideration is typically paid approximately 60 days from the time control is transferred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in selling costs. A performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of juvenile products to its customers. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. A transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimation into the determination of the transaction price. The Company conducts its business with customers through valid purchase or sales orders each of which is considered a separate contract because individual orders are not interdependent on one another. Product transaction prices on a purchase or sale order are discrete and stand-alone. Purchase or sales orders may be issued under either a customer master service agreement or a reseller allowance agreement. Purchase or sales orders, master service agreements, and reseller allowance agreements which are specific and unique to each customers, may include product price discounts, markdown allowances, return allowances, and/or volume rebates which reduce the consideration due from customers. Variable consideration is estimated using the most likely amount method, which is based on our historical experience as well as current information such as sales forecasts. Contracts may also include cooperative advertising arrangements where the Company allows a discount from invoiced product amounts in exchange for customer purchased advertising that features the Company’s products. These allowances are generally based upon product purchases or specific advertising campaigns. Such allowances are accrued when the related revenue is recognized. These cooperative advertising arrangements provide a distinct benefit and fair value and are accounted for as direct selling expenses.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of revenues, expenses, assets, liabilities and related disclosures. These estimates are based on management’s best knowledge as of the date the financial statements are published of current events and actions the Company may undertake in the future. Accordingly, actual results could differ from those estimates.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Trade receivables are carried at their outstanding unpaid principal balances reduced by an allowance for doubtful accounts. The Company estimates doubtful accounts based on historical bad debts, factors related to specific customers’ ability to pay and current economic trends. The Company writes off accounts receivable against the allowance when a balance is determined to be uncollectible. Amounts are considered to be uncollectable based upon historical experience and management’s evaluation of outstanding accounts receivable. Changes in the allowance for doubtful accounts are as follows: For the nine months ended September 29, 2018 September 30, 2017 Allowance for doubtful accounts, beginning of period $ 1,622 $ 63 Charges to costs and expenses, net 1,768 2,178 Account write-offs (272) — Allowance for doubtful accounts, end of period $ 3,118 $ 2,241
Inventory Valuation	Inventory Valuation Inventory is comprised mostly of finished goods and some component parts and is stated at the lower of cost using the first-in, first-out (“FIFO”) method, or net realizable value. The Company regularly reviews slow-moving and excess inventories, and writes down inventories to net realizable value if the expected net proceeds from the disposals of excess inventory are less than the carrying cost of the merchandise.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred income tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carry-forwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, that it is more likely than not that such benefits will be realized. The net deferred tax assets and liabilities are presented as noncurrent. The Company follows the appropriate guidance relative to uncertain tax positions. This standard provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic earnings (loss) per share for the Company is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share includes the dilutive impact of outstanding stock options and unvested restricted shares.
Translation of Foreign Currencies	Translation of Foreign Currencies All assets and liabilities of the Company’s foreign subsidiaries, each of whose functional currency is in its local currency, are translated into U.S. dollars at the exchange rate in effect at the end of the quarter and the income and expense accounts of these affiliates have been translated at average rates prevailing during each respective quarter. Resulting translation adjustments are made to a separate component of stockholders’ equity within accumulated other comprehensive (loss) income. Foreign exchange transaction gains and losses are included in the accompanying interim, condensed consolidated statement of operations.
Recently Issued Accounting Pronouncements	Recent ly Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“new lease standard”). The new lease standard will supersede the current guidance for lease accounting and will require lessees to recognize right-to-use assets and related lease liabilities on the balance sheet for leases with lease terms greater than twelve months. The objective is to increase transparency and comparability among organizations regarding lease accounting and disclosing key information about leasing arrangements. In July 2018, FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. The effective date for both standards for the Company will be the first quarter of fiscal year 2019, with early adoption permitted. The Company is evaluating the impact the adoption of this new standard will have on its consolidated financial statements and believes it is following an appropriate timeline to allow for proper recognition, presentation and disclosure upon adoption effective the beginning of fiscal year 2019. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 29, 2018
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Changes in the allowance for doubtful accounts	For the nine months ended September 29, 2018 September 30, 2017 Allowance for doubtful accounts, beginning of period $ 1,622 $ 63 Charges to costs and expenses, net 1,768 2,178 Account write-offs (272) — Allowance for doubtful accounts, end of period $ 3,118 $ 2,241

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 29, 2018
REVENUE
Schedule of net sales by geographical area	For the For the three months ended nine months ended September 29, 2018 September 29, 2018 United States $ 36,707 $ 111,210 All Other 7,131 22,361 Net Sales $ 43,838 $ 133,571

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 29, 2018
DEBT
Schedule of aggregate maturities of bank debt	Fiscal Year ending: 2018 219 2019 875 2020 875 2021 875 2022 and thereafter $ 44,613 Total $ 47,457

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 29, 2018
INTANGIBLE ASSETS
Schedule of intangible assets	September 29, December 30, 2018 2017 Brand names $ 11,819 $ 11,819 Patents and licenses 3,766 3,766 Customer relationships 6,946 6,946 Other intangibles 1,882 1,882 24,413 24,413 Less: Accumulated amortization (10,928) (10,367) Intangible assets, net $ 13,485 $ 14,046

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 29, 2018
SHARE BASED COMPENSATION
Summary of weighted average assumptions used for stock options granted	For the For the Nine Months Ended Nine Months Ended September 29, 2018 September 30, 2017 Expected life (in years) 4.9 4.9 Risk-free interest rate 2.7 % 1.9 % Volatility 64.0 % 71.4 % Dividend yield 0 % 0 % Forfeiture rate 23.1 % 22.6 %

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	9 Months Ended
	Sep. 29, 2018segment
Revenue Recognition
Number of reportable segment	1
Payment terms	60 days

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Changes in the allowance for doubtful accounts
Allowance for doubtful accounts, beginning of period	$ 1,622	$ 63
Charges to costs and expenses, net	1,768	2,178
Account write-offs	(272)
Allowance for doubtful accounts, end of period	$ 3,118	$ 2,241

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Net sales by geographical area
Net sales	$ 43,838	$ 43,134	$ 133,571	$ 143,053
United States
Net sales by geographical area
Net sales	36,707		111,210
All Other
Net sales by geographical area
Net sales	$ 7,131		$ 22,361

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Thousands	Jun. 28, 2018USD ($)	May 21, 2018	Jun. 27, 2018USD ($)	Sep. 29, 2018USD ($)
Restated Bank of America Agreement | Credit Facility
Credit Facilities
Amount outstanding on credit facility				$ 29,957
Borrowing capacity				41,993
Borrowing availability				$ 12,036
Restated Bank of America Agreement | Credit Facility | Minimum
Credit Facilities
Fixed charge coverage ratio	1
Restated Bank of America Agreement | Credit Facility | LIBOR
Credit Facilities
Interest rate during the period				4.25%
Restated Bank of America Agreement | Credit Facility | Base rate
Credit Facilities
Interest rate during the period				6.25%
Restated Bank of America Agreement | Revolving Facility
Credit Facilities
Maximum borrowing capacity	$ 60,000
Borrowing base as a percentage of eligible receivables	85.00%
Borrowing base as a percentage of eligible inventory	70.00%
Borrowing base as a percentage of net orderly liquidation value of eligible inventory and less reserves	85.00%
Restated Bank of America Agreement | Letter of Credit
Credit Facilities
Maximum borrowing capacity	$ 5,000
Prior Credit Facility | Revolving Facility
Credit Facilities
Maximum borrowing capacity			$ 60,000
Borrowing base as a percentage of eligible receivables			85.00%
Borrowing base as a percentage of eligible inventory			70.00%
Borrowing base as a percentage of net orderly liquidation value of eligible inventory and less reserves			85.00%
Loan Amendment, additional interest rate		2.00%
Prior Credit Facility | Revolving Facility | LIBOR | Minimum
Credit Facilities
Applicable margin (as a percent)			2.00%
Prior Credit Facility | Revolving Facility | LIBOR | Maximum
Credit Facilities
Applicable margin (as a percent)			2.50%
Prior Credit Facility | Revolving Facility | Base rate | Minimum
Credit Facilities
Applicable margin (as a percent)			0.50%
Prior Credit Facility | Revolving Facility | Base rate | Maximum
Credit Facilities
Applicable margin (as a percent)			1.00%
Prior Credit Facility | Letter of Credit
Credit Facilities
Maximum borrowing capacity			$ 10,000
Prior Credit Facility | FILO Facility
Credit Facilities
Maximum borrowing capacity			5,000
Prior Credit Facility | Term Loan Facility
Credit Facilities
Maximum borrowing capacity			$ 10,000
Prior Credit Facility | FILO Facility and Term Loan Facility | LIBOR
Credit Facilities
Applicable margin (as a percent)			4.25%
Prior Credit Facility | FILO Facility and Term Loan Facility | Base rate
Credit Facilities
Applicable margin (as a percent)			2.75%

DEBT - Term Loan Agreement (Det

DEBT - Term Loan Agreement (Details) $ in Thousands	Jun. 28, 2018USD ($)	Sep. 29, 2018USD ($)	Dec. 30, 2017USD ($)
Debt
Write off of unamortized deferred financing costs		$ 518
Unamortized debt issuance costs		2,497	$ 1,127
Prior Credit Facility | Credit Facility
Debt
Write off of unamortized deferred financing costs		518
Unamortized debt issuance costs		675
Restated Bank of America Agreement | Credit Facility
Debt
Unamortized debt issuance costs		1,958
Restated Bank of America Agreement | Credit Facility | Minimum
Debt
Fixed charge coverage ratio	1
Term Loan Agreement
Debt
Face amount of loan	$ 17,500
Percentage of ownership interests of domestic subsidiaries pledged	100.00%
Percentage of ownership interests of foreign subsidiaries pledged	65.00%
Quarterly basis installment amount		$ 219
Interest rate on borrowings		11.40%
Amount outstanding		$ 17,500
Term Loan Agreement | Minimum
Debt
Fixed charge coverage ratio	1
Term Loan Agreement | LIBOR
Debt
Interest rate basis		LIBOR
Applicable margin (as a percent)		9.00%

DEBT - Aggregate maturities (De

DEBT - Aggregate maturities (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Dec. 30, 2017
Aggregate maturities of bank debt
2,018	$ 219
2,019	875
2,020	875
2,021	875
2022 and thereafter	44,613
Total	47,457
Unamortized debt issuance costs	$ 2,497	$ 1,127

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2018	Dec. 30, 2017
Intangible assets
Intangible assets, gross	$ 24,413	$ 24,413
Less: accumulated amortization	(10,928)	(10,367)
Intangible assets, net	13,485	14,046
Intangibles not subject to amortization	$ 8,400	8,400
Minimum
Intangible assets
Amortization period of intangible assets	5 years
Maximum
Intangible assets
Amortization period of intangible assets	20 years
Patents and licenses
Intangible assets
Intangible assets, gross	$ 3,766	3,766
Customer relationships
Intangible assets
Intangible assets, gross	6,946	6,946
Other intangibles
Intangible assets
Intangible assets, gross	1,882	1,882
Brand names
Intangible assets
Intangible assets, gross	$ 11,819	$ 11,819

SHARE BASED COMPENSATION - Summ

SHARE BASED COMPENSATION - Summary of Plans and Stock Option Info (Details) - 2012 Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
SHARE BASED COMPENSATION
Number of shares authorized under the plan	1,700,000		1,700,000
Shares available to grant	856,182		856,182
Weighted average assumptions
Expected life (in years)			4 years 10 months 24 days	4 years 10 months 24 days
Risk-free interest rate (as a percent)			2.70%	1.90%
Volatility (as a percent)			64.00%	71.40%
Dividend yield (as a percent)			0.00%	0.00%
Forfeiture rate (as a percent)			23.10%	22.60%
General and Administrative Expense
SHARE BASED COMPENSATION
Share-based compensation expense	$ 118	$ 100	$ 433	$ 375
Stock Options
SHARE BASED COMPENSATION
Stock options outstanding (in shares)	1,183,510		1,183,510
Stock options granted during the period (in shares)			341,240
Restricted Stock Awards
SHARE BASED COMPENSATION
Unvested restricted shares outstanding	335,750		335,750
Granted (in shares)			170,000

SHARE BASED COMPENSATION - Rest

SHARE BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units - Chief Executive Officer - shares	Jul. 13, 2016	Dec. 30, 2017
SHARE BASED COMPENSATION
Granted (in shares)	100,000
Expired shares		50,000

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Stock Options
WEIGHTED AVERAGE COMMON SHARES
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	1,117,327	1,078,726	1,183,510	1,078,726
Restricted Stock Awards
WEIGHTED AVERAGE COMMON SHARES
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	312,471	348,516	335,750	348,516