Earnings (Loss) Per Share

6 Months Ended

Dec. 31, 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 and six months ended December 31, 2023 and December 31, 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 and six months ended December 31, 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 December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Numerator
Net loss attributable to Coherent Corp.	$	(26,991)	$	(45,072)	$	(94,525)	$	(83,770)
Deduct Series A preferred stock dividends	—		(6,900)		—		(13,800)
Deduct Series B dividends and deemed dividends	(30,580)		(28,989)		(60,753)		(57,666)
Basic loss available to common shareholders	$	(57,571)	$	(80,961)	$	(155,278)	$	(155,236)




Diluted loss available to common shareholders	$	(57,571)	$	(80,961)	$	(155,278)	$	(155,236)

Denominator






Diluted weighted average common shares	151,564		138,623		150,946		135,951

Basic loss per common share	$	(0.38)	$	(0.58)	$	(1.03)	$	(1.14)

Diluted loss per common share	$	(0.38)	$	(0.58)	$	(1.03)	$	(1.14)

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 December 31,		Six Months Ended December 31,
	2023	2022	2023	2022
Common stock equivalents	1,956	2,827	2,146	2,295
Convertible Notes	—	—	—	2,237
Series A Mandatory Convertible Preferred Stock	—	10,697	—	10,149
Series B Convertible Preferred Stock	27,516	26,184	27,346	26,022
Total anti-dilutive shares	29,472	39,708	29,492	40,703