Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
3 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

Note (4) - Earnings Per Share: The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards and restricted stock units are considered participating securities because they contain a non-forfeitable right to cash dividends or dividend equivalents paid prior to vesting or forfeiture, if any, irrespective of whether the awards or units ultimately vest. Basic and diluted earnings per share for the three months ended September 30, 2019 and 2018 are computed as follows (in thousands, except per share data):

    For the three months ended
September 30,
    2019
(Unaudited)
  2018
(Unaudited)
         
Net income   $ 580     $ 796  
Less: distributed and undistributed
     income allocated to unvested
     restricted common stock
    40       58  
Net income allocated to
     EVI Industries, Inc.
     shareholders
  $ 540     $ 738  
Weighted average shares
     outstanding used in basic
     earnings per share
    11,777       11,236  
Dilutive common share
     equivalents
    439       538  
Weighted average shares
     outstanding used in diluted
     earnings per share
    12,216       11,774  
Basic earnings per share   $ 0.05     $ 0.07  
Diluted earnings per share   $ 0.04     $ 0.06  

At September 30, 2019 and 2018, other than 883,354 shares and 903,102 shares, respectively, of unvested common stock subject to restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.