Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2019

Schedule of Costs, Estimated Earnings and Billings on Percentage of Completion Contracts

Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2019 and 2018 consisted of the following (in thousands):

June 30,	2019			2018

Costs incurred on uncompleted contracts	$	19,285		$	5,286
Estimated earnings		1,224			1,072
Less: revenues recognized to date		(19,673	)		(5,605	)
Retainage		797			—
Ending balance	$	1,633		$	753

Schedule of Amounts Included in Consolidated Balance Sheet

These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands):

June 30,	2019			2018
Contract assets	$	2,487		$	1,012
Contract liabilities		(854	)		(259	)
Ending balance	$	1,633		$	753

Schedule of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for fiscal 2019 and fiscal 2018 are computed as follows (in thousands, except per share data):

	For the years ended June 30,
	2019		2018

Net income	$	3,743	$	3,966
Less: distributed and undistributed income allocated to non-vested restricted common stock		260		295
Net income allocated to EVI Industries, Inc. shareholders	$	3,483	$	3,671
Weighted average shares outstanding used in basic earnings per share		11,533		10,840

Dilutive common share equivalents		489		437
Weighted average shares outstanding used in dilutive earnings per share		12,022		11,277
Basic earnings per share	$	0.30	$	0.34
Diluted earnings per share	$	0.29	$	0.33

Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)