Computation of Earnings per Share EXHIBIT 11
($000) (except per share data)
The three months ended
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March 30, April 1,
1996 1995
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PRIMARY:
Weighted average common shares outstanding 2,626 2,608
Common equivalent shares 7 0
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Weighted average common shares and common
equivalent shares outstanding 2,633 2,608
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Net income applicable to common shares $ 780 $ 422
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Primary earnings per share $ 0.30 $ 0.16
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FULLY DILUTED:
Weighted average common shares outstanding 2,626 2,608
Common equivalent shares 18 0
Additional shares assuming conversion
of subordinated debentures 717 717
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Fully diluted weighted average common shares
and common equivalent shares outstanding 3,361 3,325
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Net income for diluted common shares $ 869 $ 513
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Fully diluted earnings per share $ 0.26 $ 0.15
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Common shares have been adjusted to give effect to the 5% stock dividend
paid January 26, 1996.
The $4,500,000 8% Convertible Subordinated Notes are convertible to common
shares at a price of $6.28 per share after giving effect to the stock
dividend paid January 26, 1996.
Earnings per common share and common equivalent share were computed by
dividing the net income by the weighted average number of shares of common
stock and common stock equivalents outstanding during the period.
Earnings per common share, assuming full dilution, is determined by
assuming that at the beginning of the period convertible notes were
converted at the price per share in effect at that time and common share
options were exercised. As to the options, incremental shares would be
calculated using the treasury stock method, assuming common share
purchases at the greater of the average market price of the common shares
for the period or the ending price of the common shares.