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Earnings Per Share | 12 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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. The 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. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. For the fiscal years ended June 30, 2022 and June 30, 2021, diluted shares outstanding include the dilutive effect of the potential shares of the Company's common stock issuable from stock options, performance and restricted shares. For the fiscal year ended June 30, 2022 and June 30, 2021, the diluted shares outstanding also include the dilutive effect of the potential shares of the Company's common stock issuable upon conversion of outstanding convertible debt. 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) |
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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