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Note R - Earnings Per Share
 12 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
R
.
EARNINGS PER SHARE
 
The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period.  The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect.  Restricted stock award recipients under the
2010
LTI Plan have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the
two
-class method.
 
The components of basic and diluted earnings per share were as follows:
 
   
2020
    
2019
  
Basic:
  
 
 
 
  
 
 
 
Net (loss) income
   $
(39,571
 )   $
10,796
  
Less: Net earnings attributable to noncontrolling interest
    
(246
 )    
(123
 )
Less: Undistributed earnings attributable to unvested shares
    
-
      
(148
 )
Net (loss) income available to Twin Disc shareholders
    
(39,817
 )    
10,525
  
                 
Weighted average shares outstanding - basic
    
13,153
      
12,571
  
                 
Basic (Loss) Income Per Share:
  
 
 
 
  
 
 
 
Net (loss) income per share - basic
  
$
(3.03
)
  
$
0.84
 
                 
Diluted:
  
 
 
 
  
 
 
 
Net (loss) income
   $
(39,571
 )   $
10,796
  
Less: Net earnings attributable to noncontrolling interest
    
(246
 )    
(123
 )
Less: Undistributed earnings attributable to unvested shares
    
-
      
(148
 )
Net (loss) income available to Twin Disc shareholders
    
(39,817
 )    
10,525
  
                 
Weighted average shares outstanding - basic
    
13,153
      
12,571
  
Effect of dilutive stock awards
    
-
      
111
  
Weighted average shares outstanding - diluted
    
13,153
      
12,682
  
                 
Diluted (Loss) Income Per Share:
  
 
 
 
  
 
 
 
Net (loss) income per share - diluted
  
$
(3.03
)
  
$
0.83
 
 
The following potential common shares were excluded from diluted EPS for the year ended
June 30, 2020
as the Company reported a net loss:
167,848
related to the Company's unvested PSAs,
231,379
related to the Company's unvested RS awards, and
37,950
related to the Company's unvested RSUs.
 
The following potential common shares were excluded from diluted EPS for the year ended
June 30, 2019
because they were anti-dilutive:
80,164
related to the Company's unvested PSAs,
172,637
related to the Company's unvested RS awards,
13,123
related to the Company's unvested RSUs, and
3,483
related to outstanding stock options.