XML 16 R19.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note M - Earnings Per Share
 6 Months Ended
Dec. 27, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
M.
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. Certain restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the
two
-class method. 
 
The components of basic and diluted earnings per share were as follows:
 
   
For the Quarter Ended
    
For the Two Quarters Ended
  
   
December 27, 2019
    
December 28, 2018
    
December 27, 2019
    
December 28, 2018
  
Basic:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income
   $
(6,466
 )   $
4,079
     $
(12,759
 )   $
6,982
  
Less: Net earnings attributable to noncontrolling interest
    
(50
 )    
(6
 )    
(68
 )    
(47
 )
Less: Undistributed earnings attributable to unvested shares
    
-
      
(53
 )    
-
      
(105
 )
Net (loss) income available to Twin Disc shareholders
    
(6,516
 )    
4,020
      
(12,827
 )    
6,830
  
                                 
Weighted average shares outstanding - basic
    
13,164
      
12,909
      
13,135
      
12,233
  
                                 
Basic (Loss) Income Per Share:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income per share - basic
  
$
(0.49
)
  
$
0.31
   
$
(0.98
)
  
$
0.56
 
                                 
Diluted:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income
   $
(6,466
 )   $
4,079
     $
(12,759
 )   $
6,982
  
Less: Net earnings attributable to noncontrolling interest
    
(50
 )    
(6
 )    
(68
 )    
(47
 )
Less: Undistributed earnings attributable to unvested shares
    
-
      
(53
 )    
-
      
(105
 )
Net (loss) income available to Twin Disc shareholders
    
(6,516
 )    
4,020
      
(12,827
 )    
6,830
  
                                 
Weighted average shares outstanding - basic
    
13,164
      
12,909
      
13,135
      
12,233
  
Effect of dilutive stock awards
    
-
      
88
      
-
      
71
  
Weighted average shares outstanding - diluted
    
13,164
      
12,997
      
13,135
      
12,304
  
                                 
Diluted (Loss) Income Per Share:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income per share - diluted
  
$
(0.49
)
  
$
0.31
   
$
(0.98
)
  
$
0.56
 
 
The following potential common shares were excluded from diluted EPS for the quarter and
two
quarters ended
December 27, 2019
as the Company reported a net loss:
214.0
related to the Company’s unvested PSAs,
231.4
related to the Company’s unvested RS awards, and
38.0
related to the Company’s unvested RSUs.
 
The following potential common shares were excluded from diluted EPS for the quarter and
two
quarters ended
December 28, 2018
because they were anti-dilutive:
134.4
related to the Company’s unvested PSAs,
185.3
related to the Company’s unvested RS awards,
33.6
and
16.6,
respectively, related to the Company’s unvested RSUs, and
3.4
related to outstanding stock options.