Earnings Per Share

6 Months Ended

Dec. 31, 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 and six months ended December 31, 2019 and 2018, and was excluded from the calculation of earnings per share (000 except per share data):

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2019			2018		2019			2018
Basic Earnings per Share
Net earnings (loss)	$	(98,213	)	$	28,702	$	(124,211	)	$	54,851
Divided by:
Weighted average shares		90,886			63,588		78,428			63,504

Basic earnings (loss) per common share	$	(1.08	)	$	0.45	$	(1.58	)	$	0.86
Diluted Earnings per Share
Net earnings (loss)	$	(98,213	)	$	28,702	$	(124,211	)	$	54,851
Divided by:
Weighted average shares		90,886			63,588		78,428			63,504
Dilutive effect of common stock equivalents		-			2,085		-			2,412
Diluted weighted average common shares		90,886			65,673		78,428			65,916

Diluted earnings (loss) per common share	$	(1.08	)	$	0.44	$	(1.58	)	$	0.83

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				Six Months Ended
	December 31,				December 31,
	2019		2018		2019		2018
Common stock equivalents		3,392		138		2,714		125
0.25% Convertible Senior Notes due 2022		7,331		7,331		7,331		7,331
0.50% Finisar Convertible Notes		391		-		502		-
Total anti-dilutive shares		11,114		7,469		10,547		7,456