Earnings Per Share

3 Months Ended

Sep. 30, 2020

Earnings Per ShareBasic earnings (loss) per common share is computed by dividing net earnings (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted earnings (loss) per common share is computed by dividing the diluted earnings (loss) available to common shareholders by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Diluted shares outstanding include the dilutive effect of the potential shares of the Company's common stock issuable from stock options, performance and restricted shares.

Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted earnings (loss) per common share. For the three months ended September 30, 2020, diluted earnings (loss) per share excluded the potentially dilutive effect of the potential shares of the Company's common stock issuable upon conversion of outstanding convertible debt as well as the potentially dilutive effect of the Mandatory Convertible Preferred Stock (under the If-Converted method), as their effects were anti-dilutive.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations for the periods presented ($000):


	Three Months Ended September 30,
	2020		2019
Numerator
Net earnings (loss)	$	46,266	$	(25,998)
Series A Mandatory Convertible Preferred Stock dividends	$	(6,440)	$	—
Basic earnings (loss) available to common shareholders	$	39,826	$	(25,998)




Diluted earnings (loss) available to common shareholders	$	39,826	$	(25,998)

Denominator
Weighted average shares	102,809		65,969
Effect of dilutive securities:
Common stock equivalents	2,438		—


Diluted weighted average common shares	105,247		65,969

Basic earnings (loss) per common share	$	0.39	$	(0.39)

Diluted earnings (loss) per common share	$	0.38	$	(0.39)

The following table presents potential shares of the Company's common stock excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive (000):


	Three Months Ended September 30,
	2020	2019
Series A Mandatory Convertible Preferred Stock	10,425	—
0.25% Convertible Senior Notes due 2022	7,331	7,331
Common stock equivalents	430	2,036
0.50% Finisar Convertible Notes	75	190
Total anti-dilutive shares	18,261	9,557