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Note M - Earnings Per Share
 9 Months Ended
Mar. 27, 2020
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 Three Quarters Ended
  
   
March 27, 2020
    
March 29, 2019
    
March 27, 2020
    
March 29, 2019
  
Basic:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income
   $
(25,176
 )   $
4,587
     $
(37,935
 )   $
11,569
  
Less: Net earnings attributable to noncontrolling interest
    
(54
 )    
(27
 )    
(122
 )    
(75
 )
Less: Undistributed earnings attributable to unvested shares
    
-
      
(59
 )    
-
      
(166
 )
Net (loss) income available to Twin Disc shareholders
    
(25,230
 )    
4,501
      
(38,057
 )    
11,328
  
                                 
Weighted average shares outstanding - basic
    
13,175
      
12,914
      
13,147
      
12,437
  
                                 
Basic (Loss) Income Per Share:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income per share - basic
  
$
(1.92
)
  
$
0.35
    
$
(2.89
)
  
$
0.91
  
                                 
Diluted:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income
   $
(25,176
 )   $
4,587
     $
(37,935
 )   $
11,569
  
Less: Net earnings attributable to noncontrolling interest
    
(54
 )    
(27
 )    
(122
 )    
(75
 )
Less: Undistributed earnings attributable to unvested shares
    
-
      
(59
 )    
-
      
(166
 )
Net (loss) income available to Twin Disc shareholders
    
(25,230
 )    
4,501
      
(38,057
 )    
11,328
  
                                 
Weighted average shares outstanding - basic
    
13,175
      
12,914
      
13,147
      
12,437
  
Effect of dilutive stock awards
    
-
      
232
      
-
      
215
  
Weighted average shares outstanding - diluted
    
13,175
      
13,146
      
13,147
      
12,652
  
                                 
Diluted (Loss) Income Per Share:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net (loss) income per share - diluted
  
$
(1.92
)
  
$
0.34
    
$
(2.89
)
  
$
0.90
  
 
The following potential common shares were excluded from diluted EPS for the quarter and
three
quarters ended
March 27, 2020
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
three
quarters ended
March 29, 2019
because they were anti-dilutive:
129.1
related to the Company’s unvested PSAs,
184.3
related to the Company’s unvested RS awards,
33.1
and
16.2,
respectively, related to the Company’s unvested RSUs, and
3.2
related to outstanding stock options.