NOTE 10. 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)	2019			2018			2019			2018
Loss from Continuing Operations	$	(4,405	)	$	(4,570	)	$	(926	)	$	(3,575	)

Income (Loss) from Discontinued Operations		(253	)		323			(117	)		560
Less: Net Income (Loss) Attributable to Non-Controlling Interest from Discontinued Operations		(88	)		113			(40	)		196
Net Income (Loss) Attributable from Discontinued Operations to U.S. Global Investors, Inc.		(165	)		210			(77	)		364
Net Loss Attributable to U.S. Global Investors, Inc.	$	(4,570	)	$	(4,360	)	$	(1,003	)	$	(3,211	)

Weighted average number of outstanding shares
Basic		15,129,674			15,145,293			15,129,114			15,145,702
Effect of dilutive securities
Employee stock options		-			-			-			-
Diluted		15,129,674			15,145,293			15,129,114			15,145,702

Earnings Per Share Attributable to U.S. Global Investors, Inc.
Basic Net Income (Loss) per Share
Loss from continuing operations	$	(0.29	)	$	(0.30	)	$	(0.06	)	$	(0.24	)
Net income (loss) from discontinued operations	$	(0.01	)	$	0.01		$	-		$	0.03
Net loss	$	(0.30	)	$	(0.29	)	$	(0.06	)	$	(0.21	)
Diluted Net Income (Loss) per Share
Loss from continuing operations	$	(0.29	)	$	(0.30	)	$	(0.06	)	$	(0.24	)
Income (loss) from discontinued operations	$	(0.01	)	$	0.01		$	-		$	0.03
Net loss	$	(0.30	)	$	(0.29	)	$	(0.06	)	$	(0.21	)

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, 2019, employee stock options for 2,000 were excluded from diluted EPS. For the three and six months ended December 31, 2018, employee stock options for 4,000 were excluded from diluted EPS.

During the three and six months ended December 31, 2019, and 2018, 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.