Earnings Per Share (Tables)

3 Months Ended

Sep. 30, 2020

Schedule of Basic and Diluted Earnings Per Share

Note (4) - 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 three months ended September 30, 2020 and 2019 are computed as follows (in thousands, except per share data):

	For the three months ended September 30,
	2020 (Unaudited)		2019 (Unaudited)

Net income	$	518	$	580
Less: distributed and undistributed income allocated to unvested restricted common stock		42		40
Net income allocated to EVI Industries, Inc. shareholders	$	476	$	540
Weighted average shares outstanding used in basic earnings per share		11,935		11,777
Dilutive common share equivalents		344		439
Weighted average shares outstanding used in diluted earnings per share		12,279		12,216
Basic earnings per share	$	0.04	$	0.05
Diluted earnings per share	$	0.04	$	0.04