Earnings Per Share (Tables)

6 Months Ended

Dec. 31, 2021

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and six months ended December 31, 2021 ($000):


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020			2021		2020
Numerator
Net earnings	$	67,657	$	87,900		$	142,121	$	134,166
Deduct Series A preferred stock dividends	(6,900)		(6,900)			(13,800)		(13,340)
Deduct Series B dividends and deemed dividends	(9,803)		—			(19,985)		—
Basic earnings available to common shareholders	$	50,954	$	81,000		$	108,336	$	120,826

Effect of dilutive securities:
Add back interest on II-VI Convertible Notes (net of tax)	$	577	$	3,066		$	1,079	$	6,132

Diluted earnings available to common shareholders	$	51,531	$	84,066		$	109,415	$	126,958

Denominator
Weighted average shares	106,158		104,092			105,960		103,450
Effect of dilutive securities:
Common stock equivalents	2,952		3,630			2,854		3,034
II-VI Convertible Notes	7,330		7,331			7,330		7,331


Diluted weighted average common shares	116,440		115,053			116,144		113,815

Basic earnings per common share	$	0.48	$	0.78		$	1.02	$	1.17

Diluted earnings per common share	$	0.44	$	0.73		$	0.94	$	1.12

Schedule of Potential Shares of Common Stock Excluded from the Calculation of Diluted Net Income Per Share

The following table presents potential shares of II-VI Common Stock excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three and six months ended December 31, 2021 (000):


	Three Months Ended December 31,		Six Months Ended December 31,
	2021	2020	2021	2020
Common stock equivalents	2	21	16	225
Series A Mandatory Convertible Preferred Stock	8,915	8,915	8,915	8,922


Series B Redeemable Preferred Stock	9,105	—	9,049	—
Total anti-dilutive shares	18,022	8,936	17,980	9,147