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Earnings Per Share (Tables) | 6 Months Ended
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Dec. 31, 2021
Earnings Per Share [Abstract] |
Computation of Earnings Per Share | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and six months ended December 31, 2021 ($000):
| Three Months Ended December 31, |  | Six Months Ended December 31, |  |
| 2021 |  |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net earnings | $ | 67,657 |  |  |  | $ | 87,900 |  |  | $ | 142,121 |  |  | $ | 134,166 |  |  |  |  |
Deduct Series A preferred stock dividends | (6,900) |  |  |  | (6,900) |  |  | (13,800) |  |  | (13,340) |  |  |  |  |
Deduct Series B dividends and deemed dividends | (9,803) |  |  |  | — |  |  | (19,985) |  |  | — |  |  |  |  |
Basic earnings available to common shareholders | $ | 50,954 |  |  |  | $ | 81,000 |  |  | $ | 108,336 |  |  | $ | 120,826 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Add back interest on II-VI Convertible Notes (net of tax) | $ | 577 |  |  |  | $ | 3,066 |  |  | $ | 1,079 |  |  | $ | 6,132 |  |  |  |  |
Diluted earnings available to common shareholders | $ | 51,531 |  |  |  | $ | 84,066 |  |  | $ | 109,415 |  |  | $ | 126,958 |  |  |  |  |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares | 106,158 |  |  |  | 104,092 |  |  | 105,960 |  |  | 103,450 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents | 2,952 |  |  |  | 3,630 |  |  | 2,854 |  |  | 3,034 |  |  |  |  |
II-VI Convertible Notes | 7,330 |  |  |  | 7,331 |  |  | 7,330 |  |  | 7,331 |  |  |  |  |
Diluted weighted average common shares | 116,440 |  |  |  | 115,053 |  |  | 116,144 |  |  | 113,815 |  |  |  |  |
Basic earnings per common share | $ | 0.48 |  |  |  | $ | 0.78 |  |  | $ | 1.02 |  |  | $ | 1.17 |  |  |  |  |
Diluted earnings per common share | $ | 0.44 |  |  |  | $ | 0.73 |  |  | $ | 0.94 |  |  | $ | 1.12 |  |  |  |  |
Schedule of Potential Shares of Common Stock Excluded from the Calculation of Diluted Net Income Per Share | The following table presents potential shares of II-VI Common Stock excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three and six months ended December 31, 2021 (000):
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Common stock equivalents | 2 |  |  | 21 |  |  | 16 |  |  | 225 |
Series A Mandatory Convertible Preferred Stock | 8,915 |  |  | 8,915 |  |  | 8,915 |  |  | 8,922 |
Series B Redeemable Preferred Stock | 9,105 |  |  | — |  |  | 9,049 |  |  | — |
Total anti-dilutive shares | 18,022 |  |  | 8,936 |  |  | 17,980 |  |  | 9,147 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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