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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.
The components of basic and diluted earnings per share were as follows:
| | | 2024 | | | 2023 | |
| Basic: | | | | | | | | |
| Net income | | $ | 11,246 | | | $ | 10,677 | |
| Less: Net earnings attributable to noncontrolling interest | | | (258 | ) | | | (297 | ) |
| Less: Undistributed earnings attributable to unvested shares | | | - | | | | - | |
| Net income attributable to Twin Disc, Incorporated | | | 10,988 | | | | 10,380 | |
| | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,683 | | | | 13,468 | |
| | | | | | | | | |
| Basic Income Per Share: | | | | | | | | |
| Net income per share - basic | | $ | 0.80 | | | $ | 0.77 | |
| | | | | | | | | |
| Diluted: | | | | | | | | |
| Net income | | $ | 11,246 | | | $ | 10,677 | |
| Less: Net earnings attributable to noncontrolling interest | | | (258 | ) | | | (297 | ) |
| Less: Undistributed earnings attributable to unvested shares | | | - | | | | - | |
| Net income attributable to Twin Disc, Incorporated | | | 10,988 | | | | 10,380 | |
| | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,683 | | | | 13,468 | |
| Effect of dilutive stock awards | | | 194 | | | | 343 | |
| Weighted average shares outstanding - diluted | | | 13,877 | | | | 13,811 | |
| | | | | | | | | |
| Diluted Income Per Share: | | | | | | | | |
| Net income per share - diluted | | $ | 0.79 | | | $ | 0.75 | |
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