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NET INCOME PER SHARE
 12 Months Ended
Jun. 03, 2016
Earnings Per Share [Abstract]  
Net Income Per Share
NOTE 12 – NET INCOME PER SHARE
 
Basic earnings per common share are computed by dividing earnings available to stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects per share amounts that would have resulted if dilutive potential common stock equivalents had been converted to common stock, as prescribed by FASB ASC 260, “Earnings per Share”. At May 29, 2015, options on the 310,000 shares were not included in the computation of diluted earnings per share because the effect of stock options using treasury stock method was antidilutive.
 
The following reconciles the information used to compute basic and diluted earnings per share for the years ended June 3, 2016 and May 29, 2015:
 
 
 
2016
 
2015
 
Basic EPS:
 
 
 
 
 
 
 
Net income
 
$
3,184,803
 
$
1,773,841
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
11,291,757
 
 
11,552,164
 
 
 
 
 
 
 
 
 
Earnings per share - Basic
 
$
0.28
 
$
0.15
 
 
 
 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
11,307,497
 
 
11,552,164
 
 
 
 
 
 
 
 
 
Earnings per share - Diluted
 
$
0.28
 
$
0.15