EARNINGS PER SHARE

12 Months Ended

Jun. 25, 2023

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE L - EARNINGS PER SHARE:

The Company computes and presents earnings per share (“EPS”) in accordance with ASC 260 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 25, 2023		June 26, 2022
Net income available to common shareholders	$	1,613	$	8,022
Interest saved on convertible notes at 4%	$	—	$	40
Adjusted net income	$	1,613	$	8,062
BASIC:
Weighted average common shares		15,323		17,993
Net income per common share	$	0.11	$	0.45
DILUTED:
Weighted average common shares		15,323		17,993
Dilutive restricted stock units		588		—
Dilutive stock options		—		—
Weighted average common shares outstanding		15,911		17,993
Income from continuing operations per common share	$	0.10	$	0.45

We had 151,750 and 111,750 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 25, 2023 and June 26, 2022, respectively, which were excluded from the weighted average number of shares outstanding on a diluted basis because they had an intrinsic value of zero. These options expire at varying times from fiscal 2024 through fiscal 2032. We had 271,825 and 859,501 restricted stock units for years ended June 25, 2023 and June 26, 2022, respectively, which were excluded from the weighted average number of shares outstanding on a diluted basis because the performance criteria had not been met and vesting was not probable.