A-Mark Precious Metals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2020

Components of operating lease expense for the three and six months ended December 31, 2020 and 2019 were as follows:

in thousands
	Three Months Ended					Six Months Ended
	December 31, 2020		December 31, 2019			December 31, 2020		December 31, 2019
Operating lease costs	$	350	$	350		$	699	$	699
Short term and variable lease costs		91		99			224		192
Finance lease costs		5		5			11		11
Sublease income		—		(27	)		—		(54	)
Total lease costs, net	$	446	$	427		$	934	$	848

Schedule of Future Undiscounted Cash Flows for Each of Next Five Years and Thereafter and Reconciliation to Lease Liabilities

The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities, as of December 31, 2020:

Years ending June 30,	Operating Leases
2021 (6 months remaining)		767
2022		1,313
2023		834
2024		860
2025		816
Thereafter		370
Total lease payments		4,960
Less imputed interest		(490	)
	$	4,470		⁽¹⁾
Operating lease liability - current	$	1,362		⁽²⁾
Operating lease liability - long-term		3,108		⁽³⁾
	$	4,470		⁽¹⁾

(1)	Represents the present value of the capitalized operating lease liabilities as of December 31, 2020.

(2)	Current operating lease liabilities are presented within accrued liabilities on our condensed consolidated balance sheets.

(3)	Long-term operating lease liabilities are presented within other liabilities on our condensed consolidated balance sheets.

Reconciliation of Shares Used in Calculating Basic and Diluted Earnings per Common Shares

A reconciliation of shares used in calculating basic and diluted earnings per common shares for the three and six months ended December 31, 2020 and 2019, is presented below.

in thousands
	Three Months Ended				Six Months Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Basic weighted average shares outstanding		7,063		7,031		7,065		7,031
Effect of common stock equivalents — stock issuable under outstanding equity awards		650		25		545		44
Diluted weighted average shares outstanding		7,713		7,056		7,610		7,075