Earnings Per Share

12 Months Ended

Jun. 30, 2021

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.

The 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 method. For the fiscal years ended 2021, 2020 and 2019, 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. For fiscal year ended 2021, the diluted shares outstanding also include the dilutive effect of the potential shares of the Company's Common Stock issuable upon conversion of outstanding convertible debt

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


Year Ended June 30,	2021		2020		2019
($000 except per share)
Numerator
Net earnings (loss)	$	297,552	$	(67,029)	$	107,517
Deduct Series A preferred stock dividends	(27,140)		—		—
Deduct Series B redeemable preferred stock dividends	(9,583)		—		—
Deduct Series B redeemable preferred stock deemed dividends	(508)		—		—
Basic earnings (loss) available to common shareholders	$	260,321	$	(67,029)	$	107,517

Effect of dilutive securities:
Add back interest on II-VI Notes Due 2022	$	12,264	$	—	$	—



Diluted earnings (loss) available to common shareholders	$	272,585	$	(67,029)	$	107,517

Denominator
Weighted average shares	104,151		84,828		63,584
Effect of dilutive securities
Stock options, performance and restricted shares	3,552		—		2,220
II-VI Notes due 2022	7,331		—		—


Diluted weighted average common shares	115,034		84,828		65,804

Basic earnings (loss) per common share	$	2.50	$	(0.79)	$	1.69

Diluted earnings (loss) per common share	$	2.37	$	(0.79)	$	1.63

The following table presents potential shares of common stock excluded from the calculation of diluted net earnings (loss) per share, as their effect would have been antidilutive (in thousands of shares):


Year Ended June 30,	2021	2020	2019
Series A Mandatory Convertible Preferred Stock	8,915	—	—
Series B Redeemable Preferred Stock	2,230	—	—
II-VI Notes due 2022	—	7,331	7,331
Stock options, performance and restricted shares	118	2,345	115
0.50% Finisar Convertible Notes	—	289	—
Total anti-dilutive shares	11,263	9,965	7,446