Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

v3.22.2.2
Earnings Per Share (Tables)
3 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share

Note (5) - 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 (in the case of restricted stock awards) or dividend equivalents (in the case of restricted stock units) 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, 2022 and 2021 are computed as follows (in thousands, except per share data):

For the three months ended

September 30,

2022

(Unaudited)

2021

(Unaudited)

 

Net income

$

2,847

$

2,019

Less: distributed and undistributed income allocated to unvested restricted common stock

351

176

Net income allocated to EVI Industries, Inc. shareholders

$

2,496

$

1,843

Weighted average shares outstanding used in basic earnings per share

12,522

12,278

Dilutive common share equivalents

4

381

Weighted average shares outstanding used in diluted earnings per share

12,526

12,659

Basic earnings per share

$

0.20

$

0.15

Diluted earnings per share

$

0.20

$

0.15