Earnings Per Share

6 Months Ended

Dec. 31, 2020

Basic 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. For the three and six months ended December 31, 2020, 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, as well as the shares of the Company's common stock issuable upon conversion of outstanding convertible debt.

Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted earnings (loss) per common share. For the three and six months ended December 31, 2020, diluted earnings (loss) per share excluded the potentially dilutive effect of the Mandatory Convertible Preferred Stock (under the If-Converted method), as its effect was 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 December 31,				Six Months Ended December 31,
	2020		2019			2020		2019
Numerator
Net earnings (loss)	$	87,900	$	(98,213)		$	134,166	$	(124,211)
Series A Mandatory Convertible Preferred Stock dividends	(6,900)		—			(13,340)		—
Basic earnings (loss) available to common shareholders	$	81,000	$	(98,213)		$	120,826	$	(124,211)

Effect of dilutive securities:
Add back interest on Convertible Senior Notes Due 2022	$	3,066	$	—		$	6,132	$	—

Diluted earnings (loss) available to common shareholders	$	84,066	$	(98,213)		$	126,958	$	(124,211)

Denominator
Weighted average shares	104,092		90,886			103,450		78,428
Effect of dilutive securities:
Common stock equivalents	3,630		—			3,034		—
0.25% Convertible Senior Notes due 2022	7,331		—			7,331		—

Diluted weighted average common shares	115,053		90,886			113,815		78,428

Basic earnings (loss) per common share	$	0.78	$	(1.08)		$	1.17	$	(1.58)

Diluted earnings (loss) per common share	$	0.73	$	(1.08)		$	1.12	$	(1.58)

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 December 31,		Six Months Ended December 31,
	2020	2019	2020	2019
Series A Mandatory Convertible Preferred Stock	8,915	—	8,922	—
0.25% Convertible Senior Notes due 2022	—	7,331	—	7,331
Common stock equivalents	21	3,392	225	2,714
0.50% Finisar Convertible Notes	—	391	—	502
Total anti-dilutive shares	8,936	11,114	9,147	10,547