EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2024

NOTE J - 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 30, 2024		June 25, 2023
Net income available to common shareholders	$	2,473	$	1,613
Adjusted net income	$	2,473	$	1,613

BASIC:
Weighted average common shares		14,446		15,323

Net income per common share	$	0.17	$	0.11

DILUTED:
Weighted average common shares		14,446		15,323
Dilutive stock options and restricted stock units		184		588
Weighted average common shares outstanding		14,630		15,911

Net income per common share	$	0.17	$	0.10

We had 94,769 and 151,750 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 30, 2024 and June 25, 2023, 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 2025 through fiscal 2032. We had 105,000 and 271,825 restricted stock units for years ended June 30, 2024 and June 25, 2023, 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.