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Earnings Per Share

6 Months Ended

Dec. 31, 2019

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 six and three months ended December 31, 2019 and 2018 are computed as follows (in thousands, except per share data):

	For the six months ended December 31,				For the three months ended December 31,
	2019 (Unaudited)		2018 (Unaudited)		2019 (Unaudited)		2018 (Unaudited)

Net income	$	843	$	2,061	$	263	$	1,265

Less: distributed and undistributed income allocated to unvested restricted common stock		58		148		18		91
Net income allocated to EVI Industries, Inc. shareholders	$	785	$	1,913	$	245	$	1,174
Weighted average shares outstanding used in basic earnings per share		11,787		11,364		11,797		11,492
Dilutive common share equivalents		421		506		402		474
Weighted average shares outstanding used in diluted earnings per share		12,208		11,870		12,199		11,966
Basic earnings per share	$	0.07	$	0.17	$	0.02	$	0.10
Diluted earnings per share	$	0.06	$	0.16	$	0.02	$	0.10

At December 31, 2019 and 2018, other than 872,084 shares and 896,777 shares, respectively, of unvested common stock subject to restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.