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Earnings Per Share

3 Months Ended

Sep. 30, 2019

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 or units ultimately vest. Basic and diluted earnings per share for the three months ended September 30, 2019 and 2018 are computed as follows (in thousands, except per share data):

	For the three months ended September 30,
	2019 (Unaudited)		2018 (Unaudited)

Net income	$	580	$	796
Less: distributed and undistributed income allocated to unvested restricted common stock		40		58
Net income allocated to EVI Industries, Inc. shareholders	$	540	$	738
Weighted average shares outstanding used in basic earnings per share		11,777		11,236
Dilutive common share equivalents		439		538
Weighted average shares outstanding used in diluted earnings per share		12,216		11,774
Basic earnings per share	$	0.05	$	0.07
Diluted earnings per share	$	0.04	$	0.06

At September 30, 2019 and 2018, other than 883,354 shares and 903,102 shares, respectively, of unvested common stock subject to restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.