Earnings Per Share

3 Months Ended

Sep. 30, 2019

Note 12.

Earnings Per Share

The following table sets forth the computation of earnings per share for the periods indicated. Basic net income per share has been computed using the weighted average number of shares of Common Stock outstanding during the period. Diluted net income per share has been computed using the weighted average number of common shares outstanding during the period plus dilutive potential shares of Common Stock from (1) stock options, performance and restricted shares (under the treasury stock method) and (2) convertible debt (under the If Converted method) outstanding during the period. The Company’s convertible debt calculated under the if-converted method was anti-dilutive for the three months ended September 30, 2019 and 2018, and was excluded from the calculation of earnings per share (000 except per share data):

	Three Months Ended
	September 30,
	2019			2018
Basic Earnings per Share
Net earnings (loss)	$	(25,998	)	$	26,149
Divided by:
Weighted average shares		65,969			63,420

Basic earnings (loss) per common share	$	(0.39	)	$	0.41
Diluted Earnings per Share
Net earnings (loss)	$	(25,998	)	$	26,149
Divided by:
Weighted average shares		65,969			63,420
Dilutive effect of common stock equivalents		-			2,738
Diluted weighted average common shares		65,969			66,158

Diluted earnings (loss) per common share	$	(0.39	)	$	0.40

The following table presents potential shares of Common Stock excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive (000):

	Three Months Ended
	September 30,
	2019		2018
Common stock equivalents		2,036		111
0.25% Convertible Senior Notes due 2022		7,331		7,331
0.50% Finisar Convertible Notes		190		-
Total anti-dilutive shares		9,557		7,442