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EARNINGS PER SHARE | 12 Months Ended
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Jun. 26, 2022
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE L - EARNINGS PER SHARE: The Company computes and presents earnings per share (“EPS”) in accordance with ASC 260 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 26, 2022 |  |  | June 27, 2021 |
Net income available to common shareholders |  | $ | 8,022 |  |  | $ | 1,520 |
Interest saved on convertible notes at 4% |  | $ | 40 |  |  | $ | 64 |
Adjusted net income |  | $ | 8,062 |  |  | $ | 1,584 |
BASIC: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 17,993 |  |  |  | 17,307 |
Net income/(loss) per common share |  | $ | 0.45 |  |  | $ | 0.09 |
DILUTED: |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 17,993 |  |  |  | 17,307 |
Convertible notes |  |  | — |  |  |  | 798 |
Weighted average common shares outstanding |  |  | 17,993 |  |  |  | 18,105 |
Income from continuing operations per common share |  | $ | 0.45 |  |  | $ | 0.09 |
We had 111,750 and 166,750 shares of common stock potentially issuable upon exercise of employee stock options for years ended June 26, 2022 and June 27, 2021, respectively, which 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. These options expire at varying times from fiscal 2024 through fiscal 2026.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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