Note M - Earnings Per Share

3 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

M. 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.  Certain restricted stock award recipients 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:

	For the Quarter Ended
	September 30, 2022			September 24, 2021
Basic:
Net (loss) income	$	(1,931	)	$	1,980
Less: Net earnings attributable to noncontrolling interest		(98	)		(60	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net (loss) income attributable to Twin Disc		(2,029	)		1,920
Weighted average shares outstanding - basic		13,407			13,283
Basic Loss Per Share:
Net (loss) earnings per share - basic	$	(0.15	)	$	0.14
Diluted:
Net (loss) income	$	(1,931	)	$	1,980
Less: Net earnings attributable to noncontrolling interest		(98	)		(60	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net (loss) income attributable to Twin Disc		(2,029	)		1,920
Weighted average shares outstanding - basic		13,407			13,283
Effect of dilutive stock awards		-			67
Weighted average shares outstanding - diluted		13,407			13,350
Diluted Income (Loss) Per Share:
Net (loss) earnings per share - diluted	$	(0.15	)	$	0.14

The following potential common shares were excluded from diluted EPS for the quarter ended September 24, 2021 because they were anti-dilutive: 439.1 related to the Company’s unvested PSAs, 362.0 related to the Company’s unvested RS awards, and 37.0 related to the Company’s unvested RSUs.

There were no potential common shares excluded from diluted EPS for the quarter ended September 30, 2022 due to the current period net loss.