Earnings (Loss) Per Share

3 Months Ended

Sep. 30, 2023

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. For the three months ended September 30, 2023 and September 30, 2022, as the Company was in a net loss position, there were no dilutive shares.

Potentially dilutive shares whose effect would have been anti-dilutive are excluded from the computation of diluted earnings (loss) per common share. For the three months ended September 30, 2023, diluted earnings (loss) per share excluded the potentially dilutive effect of the performance and restricted shares, calculated based on the average stock price for each fiscal period, using the treasury stock method, as well as the shares of Coherent Common Stock issuable upon conversion of the Series B 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 (000, except per share data):


	Three Months Ended September 30,
	2023		2022
Numerator
Net loss	$	(67,534)	$	(38,698)
Deduct Series A preferred stock dividends	—		(6,900)
Deduct Series B dividends and deemed dividends	(30,173)		(28,677)
Basic loss available to common shareholders	$	(97,707)	$	(74,275)




Diluted loss available to common shareholders	$	(97,707)	$	(74,275)

Denominator






Diluted weighted average common shares	150,328		133,280

Basic loss per common share	$	(0.65)	$	(0.56)

Diluted loss per common share	$	(0.65)	$	(0.56)

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 anti-dilutive (000):


	Three Months Ended September 30,
	2023	2022
Common stock equivalents	2,337	1,762
Convertible Notes	—	4,474
Series A Mandatory Convertible Preferred Stock	—	9,604
Series B Convertible Preferred Stock	27,176	25,861
Total anti-dilutive shares	29,513	41,701