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Earnings Per Share
 3 Months Ended
Sep. 30, 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 three months ended September 30, 2024 and 2023 are computed as follows (in thousands, except per share data):

   For the three months ended
September 30,
   2024
(Unaudited)		  2023
(Unaudited)
       
Net income  $3,231   $1,282 
Less: distributed and undistributed income allocated to unvested restricted common stock   458    153 
Net income allocated to EVI Industries, Inc. shareholders  $2,773   $1,129 
Weighted average shares outstanding used in basic earnings per share   12,685    12,581 
Dilutive common share equivalents   362    624 
Weighted average shares outstanding used in diluted earnings per share   13,047    13,205 
Basic earnings per share  $0.22   $0.09 
Diluted earnings per share  $0.21   $0.09 

 

At September 30, 2024 and 2023, other than 708,685 shares and 216,203 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.