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EARNINGS PER SHARE | 12 Months Ended
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Jun. 27, 2021
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE L - 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 27, 2021 |  |  | June 28, 2020 |
Income/(loss) from continuing operations |  | $ | 1,520 |  |  | $ | (4,233 | )
Interest saved on convertible notes at 4% |  | $ | 64 |  |  | $ | 65 |
Adjusted net income/(loss) |  | $ | 1,584 |  |  | $ | (4,168 | )
BASIC: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 17,307 |  |  |  | 15,144 |
Net income/(loss) per common share |  | $ | 0.09 |  |  | $ | (0.28 | )
DILUTED: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 17,307 |  |  |  | 15,144 |
Convertible notes |  |  | 798 |  |  |  | — |
Dilutive stock options |  |  | — |  |  |  | — |
Weighted average common shares outstanding |  |  | 18,105 |  |  |  | 15,144 |
Income/(loss) from continuing operations per common share |  | $ | 0.09 |  |  | $ | (0.28 | )
We had 166,750 and 206,750 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 27, 2021 and June 28, 2020, respectively. The 166,750 and 206,750 shares of common stock were excluded from the weighted average number of shares outstanding on a diluted basis because they had an intrinsic value of zero and were anti-dilutive, respectively. These options expire at varying times from fiscal 2021 through fiscal 2026.

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