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Earnings Per Share

6 Months Ended

Dec. 31, 2018

Note (4) - Earnings Per Share: The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards and restricted stock units are considered participating securities because they contain a non-forfeitable right to cash dividends or dividend equivalents paid prior to vesting or forfeiture, if any, irrespective of whether the awards ultimately vest. Basic and diluted earnings per share for the six and three months ended December 31, 2018 and 2017 are computed as follows (in thousands, except per share data):

	For the six months ended December 31,				For the three months ended December 31,
	2018 (Unaudited)		2017 (Unaudited)		2018 (Unaudited)		2017 (Unaudited)

Net income	$	2,061	$	2,073	$	1,265	$	1,510
Less: distributed and undistributed income allocated to unvested restricted common stock		148		154		91		112
Net income allocated to EVI Industries, Inc. shareholders	$	1,913	$	1,919	$	1,174	$	1,398
Weighted average shares outstanding used in basic earnings per share		11,364		10,585		11,492		10,702
Dilutive common share equivalents		506		377		474		372
Weighted average shares outstanding used in diluted earnings per share		11,870		10,962		11,966		11,074
Basic earnings per share	$	0.17	$	0.18	$	0.10	$	0.13
Diluted earnings per share	$	0.16	$	0.18	$	0.10	$	0.13

At December 31, 2018 and 2017, other than 896,777 shares and 873,636 shares, respectively, of unvested common stock subject to restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.