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EARNINGS PER SHARE
 12 Months Ended
Jun. 28, 2020
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE L - EARNINGS PER SHARE:

The Company computes and presents earnings per share (“EPS”) in accordance with the authoritative guidance on Earnings Per Share.  Basic EPS excludes the effect of potentially dilutive securities while diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised, converted or resulted in the issuance of common stock that then shared in the earnings of the Company.

The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts).

  
Fiscal Year Ended
 
  
June 28,
2020
  
June 30,
2019
 
Loss from continuing operations
 
$
(4,233
)
 
$
(750
)
Interest saved on convertible notes at 4%
 
$
65
  
$
63
 
Adjusted net loss
 
$
(4,168
)
 
$
(687
)
         
BASIC:
        
Weighted average common shares
  
15,144
   
15,070
 
         
Net income/(loss) per common share
 
$
(0.28
)
 
$
(0.05
)
         
DILUTED:
        
Weighted average common shares
  
15,144
   
15,070
 
Convertible notes
  
—
   
—
 
Dilutive stock options
  
—
   
—
 
Weighted average common shares outstanding
  
15,144
   
15,070
 
         
Income/(loss) from continuing operations per common share
 
$
(0.28
)
 
$
(0.05
)

We had 206,750 and 261,550 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 28, 2020 and June 30, 2019, respectively, that were excluded from the weighted average number of shares outstanding on a diluted basis because the effect of such options would be anti-dilutive. These instruments expire at varying times from fiscal 2020 through fiscal 2026.