Hooker Furniture Corporation Just Filed Its Quarterly Report: 10.         Earning...


10.         Earnings Per Share

We refer you to the discussion of Earnings Per Share in Note 1-Summary of Significant Accounting Policies, in the financial statements included in our 2014 Annual Report, for additional information concerning the c alculation of earnings per share.

We have issued restricted stock awards to non-employee members of the board of directors since 2006 and restricted stock units (RSUs) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles the executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated:

   
May 4,
   
Feb 2,
 
   
2014
   
2014
 
             
Restricted shares
    29       29  
Restricted stock units
    35       32  
      64       61  

All restricted shares and RSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share:

   
Thirteen Weeks Ended
 
   
May 4,
   
May 5,
 
   
2014
   
2013
 
             
Net income
  $ 2,804     $ 2,126  
Less: Unvested participating restricted stock dividends
    3       3  
Net earnings allocated to unvested participating restricted stock
    7       6  
Earnings available for common shareholders
    2,794       2,117  
                 
Weighted average shares outstanding for basic earnings per share
    10,724       10,717  
Dilutive effect of unvested restricted stock and RSU awards
    38       30  
Weighted average shares outstanding for diluted earnings per share
    10,762       10,747  
                 
Basic earnings per share
  $ 0.26     $ 0.20  
                 
Diluted earnings per share
  $ 0.26     $ 0.20  

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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