NOTE 10. 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:

	Nine Months Ended March 31,						Three Months Ended March 31,
(dollars in thousands, except per share data)	2020			2019			2020			2019
Income (Loss) from Continuing Operations	$	(5,962	)	$	(3,678	)	$	(1,557	)	$	892
Income (Loss) from Discontinued Operations		(338	)		149			(85	)		(174	)
Less: Net Income (Loss) Attributable to Non-Controlling Interest from Discontinued Operations		(118	)		52			(30	)		(61	)
Net Income (Loss) Attributable from Discontinued Operations to U.S. Global Investors, Inc.		(220	)		97			(55	)		(113	)
Net Income (Loss) Attributable to U.S. Global Investors, Inc.	$	(6,182	)	$	(3,581	)	$	(1,612	)	$	779

Weighted average number of outstanding shares
Basic		15,127,118			15,141,061			15,121,950			15,132,408
Effect of dilutive securities
Employee stock options		-			-			-			-
Diluted		15,127,118			15,141,061			15,121,950			15,132,408

Earnings Per Share Attributable to U.S. Global Investors, Inc.
Basic Net Income (Loss) per Share
Income (loss) from continuing operations	$	(0.40	)	$	(0.24	)	$	(0.11	)	$	0.06
Income (loss) from discontinued operations	$	(0.01	)	$	-		$	-		$	(0.01	)
Net income (loss)	$	(0.41	)	$	(0.24	)	$	(0.11	)	$	0.05
Diluted Net Income (Loss) per Share
Income (loss) from continuing operations	$	(0.40	)	$	(0.24	)	$	(0.11	)	$	0.06
Income (loss) from discontinued operations	$	(0.01	)	$	-		$	-		$	(0.01	)
Net income (loss)	$	(0.41	)	$	(0.24	)	$	(0.11	)	$	0.05

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 and nine months ended March 31, 2020, employee stock options for 2,000 were excluded from diluted EPS. For the three and nine months ended March 31, 2019, employee stock options for 4,000 were excluded from diluted EPS.

During the three and nine months ended March 31, 2020, and 2019, 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.