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K. EARNINGS PER SHARE

12 Months Ended

Jun. 24, 2018

NOTE K - 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 24,			June 25,
	2018			2017
Income/(loss) from continuing operations	$	2,274		$	(11,243	)
Loss from discontinued operations		(362	)		(1,248	)
Net income/(loss) available to common stockholders	$	1,912		$	(12,491	)
Interest saved on Notes of $2,258.4 at 4%	$	90		$	—
Adjusted net income/(loss)	$	2,002		$	(12,491	)

BASIC:
Weighted average common shares		13,854			10,617

Income/(loss) from continuing operations per common share	$	0.17		$	(1.06	)
Loss from discontinued operations per common share		(0.03	)		(0.12	)
Net income/(loss) per common share	$	0.14		$	(1.18	)

DILUTED:
Weighted average common shares		13,854			10,617
Convertible Notes		1,129			—
Dilutive stock options		—			—
Weighted average common shares outstanding		14,983			10,617


Income/(loss) from continuing operations per common share	$	0.16		$	(1.06	)
Loss from discontinued operations per common share		(0.03	)		(0.12	)
Net income/(loss) per common share	$	0.13		$	(1.18	)

We had 478,056 shares and 388,056 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 24, 2018 and June 25, 2017, 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 2019 through fiscal 2026.