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Earnings Per Share | 9 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Note (5) - 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 (in the case of restricted stock awards) or dividend equivalents (in the case of restricted stock units) 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 nine and three months ended March 31, 2022 and 2021 are computed as follows (in thousands, except per share data):
|  | For the nine months ended March 31, |  | For the three months ended March 31, |
|  | 2022 (Unaudited) |  | 2021 (Unaudited) |  | 2022 (Unaudited) |  | 2021 (Unaudited) |
Net income |  | $ | 2,587 |  |  | $ | 1,604 |  |  | $ | 40 |  |  | $ | 625 |  |
Less: distributed and undistributed income allocated to unvested restricted common stock |  |  | 261 |  |  |  | 143 |  |  |  | 4 |  |  |  | 56 |  |
Net income allocated to EVI Industries, Inc. shareholders |  | $ | 2,326 |  |  | $ | 1,461 |  |  | $ | 36 |  |  | $ | 569 |  |
Weighted average shares outstanding used in basic earnings per share |  |  | 12,321 |  |  |  | 12,101 |  |  |  | 12,402 |  |  |  | 12,252 |  |
Dilutive common share equivalents |  |  | 375 |  |  |  | 444 |  |  |  | 261 |  |  |  | 533 |  |
Weighted average shares outstanding used in diluted earnings per share |  |  | 12,696 |  |  |  | 12,545 |  |  |  | 12,663 |  |  |  | 12,785 |  |
Basic earnings per share |  | $ | 0.19 |  |  | $ | 0.12 |  |  | $ | 0.00 |  |  | $ | 0.05 |  |
Diluted earnings per share |  | $ | 0.18 |  |  | $ | 0.12 |  |  | $ | 0.00 |  |  | $ | 0.04 |  |
At March 31, 2022 and 2021, other than 1,400,105 shares and 1,202,275 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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