Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.1
Earnings Per Share
9 Months Ended
Mar. 31, 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 nine and three months ended March 31, 2019 and 2018 are computed as follows (in thousands, except per share data):

    For the nine months ended
March 31,
  For the three months ended
March 31,
    2019
(Unaudited)
  2018
(Unaudited)
  2019
(Unaudited)
  2018
(Unaudited)
                 
Net income   $ 2,527     $ 3,209     $ 466     $ 1,136  
Less: distributed and undistributed
       income allocated to unvested
       restricted common stock
    181       243       33       86  
Net income allocated to
       EVI Industries, Inc.
       shareholders
  $ 2,346     $ 2,966     $ 433     $ 1,050  
Weighted average shares
       outstanding used in basic
       earnings per share
    11,463       10,728       11,666       11,020  
Dilutive common share
       equivalents
    497       417       479       499  
Weighted average shares
       outstanding used in diluted
       earnings per share
    11,960       11,145       12,145       11,519  
Basic earnings per share   $ 0.20     $ 0.28     $ 0.04     $ 0.10  
Diluted earnings per share   $ 0.20     $ 0.27     $ 0.04     $ 0.09  

 

At March 31, 2019 and 2018, other than 909,277 shares and 919,224 shares, respectively, of unvested common stock subject to restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.