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Note M - Earnings Per Share | 6 Months Ended
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Dec. 27, 2019
Notes to Financial Statements |
Earnings Per Share [Text Block] |
M. | Earnings Per Share
The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Certain restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the two -class method. The components of basic and diluted earnings per share were as follows:
|  | For the Quarter Ended |  |  | For the Two Quarters Ended |
|  | December 27, 2019 |  |  | December 28, 2018 |  |  | December 27, 2019 |  |  | December 28, 2018 |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (6,466 | ) |  | $ | 4,079 |  |  | $ | (12,759 | ) |  | $ | 6,982 |
Less: Net earnings attributable to noncontrolling interest |  |  | (50 | ) |  |  | (6 | ) |  |  | (68 | ) |  |  | (47 | )
Less: Undistributed earnings attributable to unvested shares |  |  | - |  |  |  | (53 | ) |  |  | - |  |  |  | (105 | )
Net (loss) income available to Twin Disc shareholders |  |  | (6,516 | ) |  |  | 4,020 |  |  |  | (12,827 | ) |  |  | 6,830 |
Weighted average shares outstanding - basic |  |  | 13,164 |  |  |  | 12,909 |  |  |  | 13,135 |  |  |  | 12,233 |
Basic (Loss) Income Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income per share - basic |  | $ | (0.49 | ) |  | $ | 0.31 |  |  | $ | (0.98 | ) |  | $ | 0.56 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (6,466 | ) |  | $ | 4,079 |  |  | $ | (12,759 | ) |  | $ | 6,982 |
Less: Net earnings attributable to noncontrolling interest |  |  | (50 | ) |  |  | (6 | ) |  |  | (68 | ) |  |  | (47 | )
Less: Undistributed earnings attributable to unvested shares |  |  | - |  |  |  | (53 | ) |  |  | - |  |  |  | (105 | )
Net (loss) income available to Twin Disc shareholders |  |  | (6,516 | ) |  |  | 4,020 |  |  |  | (12,827 | ) |  |  | 6,830 |
Weighted average shares outstanding - basic |  |  | 13,164 |  |  |  | 12,909 |  |  |  | 13,135 |  |  |  | 12,233 |
Effect of dilutive stock awards |  |  | - |  |  |  | 88 |  |  |  | - |  |  |  | 71 |
Weighted average shares outstanding - diluted |  |  | 13,164 |  |  |  | 12,997 |  |  |  | 13,135 |  |  |  | 12,304 |
Diluted (Loss) Income Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income per share - diluted |  | $ | (0.49 | ) |  | $ | 0.31 |  |  | $ | (0.98 | ) |  | $ | 0.56 |
The following potential common shares were excluded from diluted EPS for the quarter and two quarters ended December 27, 2019 as the Company reported a net loss: 214.0 related to the Company’s unvested PSAs, 231.4 related to the Company’s unvested RS awards, and 38.0 related to the Company’s unvested RSUs. The following potential common shares were excluded from diluted EPS for the quarter and two quarters ended December 28, 2018 because they were anti-dilutive: 134.4 related to the Company’s unvested PSAs, 185.3 related to the Company’s unvested RS awards, 33.6 and 16.6, respectively, related to the Company’s unvested RSUs, and 3.4 related to outstanding stock options.

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