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Earnings Per Share
 9 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

Note (5) - 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 (in the case of restricted stock awards) or dividend equivalents (in the case of restricted stock units) 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 nine and three months ended March 31, 2021 and 2020 are computed as follows (in thousands, except per share data):

For the nine months ended

March 31,

For the three months ended

March 31,

2021 (Unaudited)

2020 (Unaudited)

2021 (Unaudited)

2020 (Unaudited)

 

Net income (loss)

$

1,604

$

831

$

625

$

(12

)

 

Less: distributed and undistributed income allocated to unvested restricted common stock

143

68

56

-

Net income (loss) allocated to EVI Industries, Inc. shareholders

$

1,461

$

763

$

569

$

(12

)

Weighted average shares outstanding used in basic earnings per share

12,101

11,815

12,252

11,872

Dilutive common share equivalents

444

373

533

-

Weighted average shares outstanding used in diluted earnings per share

12,545

12,188

12,785

11,872

Basic earnings per share

$

0.12

$

0.06

$

0.05

$

0.00

Diluted earnings per share (1)

$

0.12

$

0.06

$

0.04

$

0.00

(1)

For the three-month period ended March 31, 2020, potential common shares under the treasury stock method were anti-dilutive because the Company reported a net loss in the period.

At March 31, 2021 and 2020, other than 1,202,275 shares and 1,068,753 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.