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Earnings Per Share
 9 Months Ended
Mar. 31, 2024
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, 2024 and 2023 are computed as follows (in thousands, except per share data):

  

   For the nine months ended
March  31,		  For the three months ended
March  31,
   2024
(Unaudited)		  2023
(Unaudited)		  2024
(Unaudited)		  2023
(Unaudited)
             
Net income  $3,579   $7,821   $956   $2,750 
Less: distributed and undistributed income allocated to unvested restricted common stock   454    958    121    337 
Net income allocated to EVI Industries, Inc. shareholders  $3,125   $6,863   $835   $2,413 
Weighted average shares outstanding used in basic earnings per share   12,639    12,545    12,677    12,570 
Dilutive common share equivalents   592    208    476    380 
Weighted average shares outstanding used in diluted earnings per share   13,231    12,753    13,153    12,950 
Basic earnings per share  $0.25   $0.55   $0.07   $0.19 
Diluted earnings per share  $0.24   $0.54   $0.06   $0.19 

 

During the nine and three months ended March 31, 2024, other than 356,898 and 496,405 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding. During the nine and three months ended March 31, 2023, other than 1,754,676 shares of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.