NOTE 8. EARNINGS PER SHARE

The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised.

The following table sets forth the computation for basic and diluted EPS:

	Six Months Ended December 31,					Three Months Ended December 31,
(dollars in thousands, except per share data)	2018			2017		2018			2017
Net Income (Loss)	$	(4,247	)	$	2,120	$	(3,015	)	$	884
Less: Net Income Attributable to Non-Controlling Interest		113			101		196			135
Net Income (Loss) Attributable to U.S. Global Investors, Inc.	$	(4,360	)	$	2,019	$	(3,211	)	$	749

Weighted average number of outstanding shares
Basic		15,145,293			15,171,620		15,145,702			15,160,589
Effect of dilutive securities
Employee stock options		-			-		-			-
Diluted		15,145,293			15,171,620		15,145,702			15,160,589

Earnings Per Share Attributable to U.S. Global Investors, Inc.
Basic	$	(0.29	)	$	0.13	$	(0.21	)	$	0.05
Diluted	$	(0.29	)	$	0.13	$	(0.21	)	$	0.05

The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three and six months ended December 31, 2018, 4,000 options were excluded from diluted EPS. For the three and six months ended December 31, 2017, 2,000 options were excluded from diluted EPS.

During the three and six months ended December 31, 2018, and 2017, the Company repurchased class A shares on the open market. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.