Earnings Per Share (Tables)

6 Months Ended

Dec. 31, 2020

Schedule of Basic and Diluted 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 six and three months ended December 31, 2020 and 2019 are computed as follows (in thousands, except per share data):

	For the six months ended December 31,				For the three months ended December 31,
	2020 (Unaudited)		2019 (Unaudited)		2020 (Unaudited)		2019 (Unaudited)

Net income	$	979	$	843	$	461	$	263

Less: distributed and undistributed income allocated to unvested restricted common stock		89		58		42		18
Net income allocated to EVI Industries, Inc. shareholders	$	890	$	785	$	419	$	245
Weighted average shares outstanding used in basic earnings per share		12,027		11,787		12,120		11,797
Dilutive common share equivalents		400		421		454		402
Weighted average shares outstanding used in diluted earnings per share		12,427		12,208		12,574		12,199
Basic earnings per share	$	0.07	$	0.07	$	0.03	$	0.02
Diluted earnings per share	$	0.07	$	0.06	$	0.03	$	0.02