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Earnings Per Share
 6 Months Ended
Dec. 31, 2023
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 six and three months ended December 31, 2023 and 2022 are computed as follows (in thousands, except per share data):

 

   For the six months ended
December 31,		  For the three months ended
December 31,
   2023
(Unaudited)		  2022
(Unaudited)		  2023
(Unaudited)		  2022
(Unaudited)
             
Net income  $2,623   $5,071   $1,341   $2,224 
Less: distributed and undistributed income allocated to unvested restricted common stock   336    621    172    272 
Net income allocated to EVI Industries, Inc. shareholders  $2,287   $4,450   $1,169   $1,952 
Weighted average shares outstanding used in basic earnings per share   12,621    12,545    12,659    12,534 
Dilutive common share equivalents   624    237    614    120 
Weighted average shares outstanding used in diluted earnings per share   13,245    12,782    13,273    12,654 
Basic earnings per share  $0.18   $0.35   $0.09   $0.16 
Diluted earnings per share  $0.17   $0.35   $0.09   $0.15 

During the six and three months ended December 31, 2023, other than 287,338 and 355,964 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding. During the six and three months ended December 31, 2022, other than 1,754,588 shares of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.