Computation of Earnings Per Share |
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations for the periods presented ($000): | | | | | | | | | | | | | | | | | | | | | Year Ended June 30, | | 2022 | | 2021 | | 2020 | ($000 except per share) | | | | | | | Numerator | | | | | | | Net earnings (loss) | | $ | 234,759 | | | $ | 297,552 | | | $ | (67,029) | | Deduct Series A preferred stock dividends | | (27,600) | | | (27,140) | | | — | | Deduct Series B dividends and deemed dividends | | (40,625) | | | (10,091) | | | — | | Basic earnings (loss) available to common shareholders | | $ | 166,534 | | | $ | 260,321 | | | $ | (67,029) | | | | | | | | | Effect of dilutive securities: | | | | | | | Add back interest on II-VI Convertible Notes (net of tax) | | $ | 2,229 | | | $ | 12,264 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | Diluted earnings (loss) available to common shareholders | | $ | 168,763 | | | $ | 272,585 | | | $ | (67,029) | | | | | | | | | Denominator | | | | | | | Weighted average shares | | 106,189 | | | 104,151 | | | 84,828 | | Effect of dilutive securities | | | | | | | Common stock equivalents | | 3,012 | | | 3,552 | | | — | | II-VI Convertible Notes | | 7,312 | | | 7,331 | | | — | | | | | | | | | | | | | | | | Diluted weighted average common shares | | 116,513 | | | 115,034 | | | 84,828 | | | | | | | | | Basic earnings (loss) per common share | | $ | 1.57 | | | $ | 2.50 | | | $ | (0.79) | | | | | | | | | Diluted earnings (loss) per common share | | $ | 1.45 | | | $ | 2.37 | | | $ | (0.79) | |
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Schedule of Potential Shares of Common Stock Excluded from the Calculation of Diluted Net Income Per Share |
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, | | 2022 | | 2021 | | 2020 | Series A Mandatory Convertible Preferred Stock | | 8,915 | | | 8,915 | | | — | | Series B Redeemable Preferred Stock | | 9,162 | | | 2,230 | | | — | | II-VI Convertible Notes due 2022 | | — | | | — | | | 7,331 | | Common stock equivalents | | 9,611 | | | 118 | | | 2,345 | | | | | | | | | Total anti-dilutive shares | | 27,688 | | | 11,263 | | | 9,676 | |
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