NOTE 9. EARNINGS PER SHARE

The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised.

The following table sets forth the computation for basic and diluted EPS:

	Three Months Ended September 30,
(dollars in thousands, except per share data)	2019			2018
Net Loss	$	(3,615	)	$	(1,232	)
Less: Net Loss Attributable to Non-Controlling Interest		(48	)		(83	)
Net Loss Attributable to U.S. Global Investors, Inc.	$	(3,567	)	$	(1,149	)

Weighted average number of outstanding shares
Basic		15,130,235			15,144,884
Effect of dilutive securities
Employee stock options		-			-
Diluted		15,130,235			15,144,884

Earnings Per Share Attributable to U.S. Global Investors, Inc.
Basic	$	(0.24	)	$	(0.08	)
Diluted	$	(0.24	)	$	(0.08	)

The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three months ended September 30, 2019, and 2018, employee stock options for 4,000 were excluded from diluted EPS, respectively.

During the three months ended September 30, 2019, and 2018, the Company repurchased class A shares on the open market. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.