XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Earnings Per Share
 9 Months Ended
Apr. 27, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
12.
Earnings Per Share

The Company calculates basic and diluted earnings per share by dividing the net income attributable to EEI’s common shareholders by the weighted average number of common shares outstanding for the period.  After consideration of all the rights and privileges of the Class A and Class B stockholders summarized in Note 11, in particular the right of the holders of the Class B common stock to elect no less than 75% of the Board of Directors making it highly unlikely that the Company will pay a dividend on Class A common stock in excess of Class B common stock, the Company allocates undistributed earnings between the two classes of stock on a one-to-one basis when computing earnings per share.  As a result, basic and fully diluted earnings per Class A and Class B share are equal amounts.

The Company has determined that its unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. These securities shall be included in the computation of earnings per share pursuant to the two-class method.  The resulting impact was to include unvested restricted shares in the weighted average shares outstanding calculation.

The computation of earnings per share is included in the following table.

  
Three Months Ended
  
Nine Months Ended
 
  
April 27,
2019
  
April 28,
2018
(Restated)
  
April 27,
2019
  
April 28,
2018
(Restated)
 
  
(in thousands, except share and per share amounts)
 
             
Net (loss) income attributable to Ecology and Environment Inc.
 
$
(1,030
)
 
$
69
  
$
(1,459
)
 
$
138
 
Dividends declared
  
(864
)
  
(860
)
  
(864
)
  
(860
)
Distributions in excess of earnings
 
$
(1,894
)
 
$
(791
)
 
$
(2,323
)
 
$
(722
)
                 
Weighted-average common shares outstanding - basic and diluted
  
4,315,135
   
4,301,604
   
4,314,742
   
4,301,604
 
                 
Distributed earnings per share - basic and diluted
 
$
0.20
  
$
0.20
  
$
0.20
  
$
0.20
 
Distributions in excess of earnings per share - basic and diluted
  
(0.44
)
  
(0.18
)
  
(0.54
)
  
(0.17
)
Net (loss) income per common share - basic and diluted
 
$
(0.24
)
 
$
0.02
  
$
(0.34
)
 
$
0.03