Earnings Per Share (Tables)

9 Months Ended

Mar. 31, 2022

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and nine months ended March 31, 2022 ($000):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021			2022		2021
Numerator
Net earnings	$	49,002	$	81,092		$	191,123	$	215,258
Deduct Series A preferred stock dividends	(6,900)		(6,900)			(20,700)		(20,240)
Deduct Series B dividends and deemed dividends	(10,248)		(113)			(30,233)		(113)
Basic earnings available to common shareholders	$	31,854	$	74,079		$	140,190	$	194,905

Effect of dilutive securities:
Add back interest on II-VI Convertible Notes (net of tax)	$	571	$	3,066		$	1,650	$	9,199

Diluted earnings available to common shareholders	$	32,425	$	77,145		$	141,840	$	204,103

Denominator
Weighted average shares	106,323		104,767			106,079		103,883
Effect of dilutive securities:
Common stock equivalents	3,296		4,203			3,001		3,424
II-VI Convertible Notes	7,330		7,331			7,330		7,331


Diluted weighted average common shares	116,949		116,302			116,410		114,637

Basic earnings per common share	$	0.30	$	0.71		$	1.32	$	1.88

Diluted earnings per common share	$	0.28	$	0.66		$	1.22	$	1.78

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 nine months ended March 31, 2022 (000):


	Three Months Ended March 31,		Nine Months Ended March 31,
	2022	2021	2022	2021
Common stock equivalents	2	14	12	154
Series A Mandatory Convertible Preferred Stock	8,915	8,915	8,915	8,915


Series B Redeemable Preferred Stock	9,217	98	9,105	33
Total anti-dilutive shares	18,134	9,027	18,032	9,102