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EARNINGS PER SHARE | 12 Months Ended
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Jun. 30, 2019
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE K - EARNINGS PER SHARE: The Company computes and presents earnings per share (“EPS”) in accordance with the authoritative guidance on Earnings Per Share. Basic EPS excludes the effect of potentially dilutive securities while diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised, converted or resulted in the issuance of common stock that then shared in the earnings of the Company. The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts).
|  | Fiscal Year Ended |
|  | June 30, 2019 |  |  | June 24, 2018 |
Income/(loss) from continuing operations |  | $ | (750 | ) |  | $ | 2,274 |
Loss from discontinued operations |  |  | - |  |  |  | (362 | )
Net income/(loss) available to common stockholders |  | $ | (750 | ) |  | $ | 1,912 |
Interest saved on convertible notes of $1,584 at 4% |  | $ | 63 |  |  | $ | 90 |
Adjusted net income/(loss) |  | $ | (687 | ) |  | $ | 2,002 |
BASIC: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 15,070 |  |  |  | 13,854 |
Income/(loss) from continuing operations per common share |  | $ | (0.05 | ) |  | $ | 0.17 |
Loss from discontinued operations per common share |  |  | - |  |  |  | (0.03 | )
Net income/(loss) per common share |  | $ | (0.05 | ) |  | $ | 0.14 |
DILUTED: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 15,070 |  |  |  | 13,854 |
Convertible notes |  |  | - |  |  |  | 1,129 |
Dilutive stock options |  |  | - |  |  |  | - |
Weighted average common shares outstanding |  |  | 15,070 |  |  |  | 14,983 |
Income/(loss) from continuing operations per common share |  | $ | (0.05 | ) |  | $ | 0.16 |
Loss from discontinued operations per common share |  |  | - |  |  |  | (0.03 | )
Net income/(loss) per common share |  | $ | (0.05 | ) |  | $ | 0.13 |
We had 216,550 and 478,056 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 30, 2019 and June 24, 2018, respectively, that were excluded from the weighted average number of shares outstanding on a diluted basis because the effect of such options would be anti-dilutive. These instruments expire at varying times from fiscal 2020 through fiscal 2026.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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