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Earnings Per Share | 12 Months Ended
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Jun. 30, 2023
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. 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. The shares of Coherent Common Stock issuable upon conversion of outstanding convertible debt, the Mandatory Convertible Preferred Stock and the Series B Convertible Preferred Stock are calculated under the If-Converted method. For the year ended June 30, 2023, diluted earnings (loss) per share excluded the potentially dilutive effect of the performance and restricted shares as well as the shares of Coherent Common Stock issuable upon conversion of outstanding convertible debt, the Mandatory Convertible Preferred Stock and the Series B Convertible Preferred Stock as their effects were anti-dilutive. For the fiscal years ended June 30, 2022 and June 30, 2021, diluted shares outstanding include the dilutive effect of the potential shares of our common stock issuable from stock options, performance and restricted shares and the dilutive effect of the potential shares of our 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, |  | 2023 |  | 2022 |  | 2021
($000 except per share) |  |  |  |  |  |
Numerator |  |  |  |  |  |
Net earnings (loss) |  | $ | (259,458) |  |  | $ | 234,759 |  |  | $ | 297,552 |
Deduct Series A preferred stock dividends |  | (27,600) |  |  | (27,600) |  |  | (27,140) |
Deduct Series B dividends and deemed dividends |  | (116,612) |  |  | (40,625) |  |  | (10,091) |
Basic earnings (loss) available to common shareholders |  | $ | (403,670) |  |  | $ | 166,534 |  |  | $ | 260,321 |
Effect of dilutive securities: |  |  |  |  |  |
Add back interest on Convertible Notes (net of tax) |  | $ | — |  |  | $ | 2,229 |  |  | $ | 12,264 |
Diluted earnings (loss) available to common shareholders |  | $ | (403,670) |  |  | $ | 168,763 |  |  | $ | 272,585 |
Denominator |  |  |  |  |  |
Weighted average shares |  | 137,578 |  |  | 106,189 |  |  | 104,151 |
Effect of dilutive securities |  |  |  |  |  |
Common stock equivalents |  | — |  |  | 3,012 |  |  | 3,552 |
Convertible Notes |  | — |  |  | 7,312 |  |  | 7,331 |
Diluted weighted average common shares |  | 137,578 |  |  | 116,513 |  |  | 115,034 |
Basic earnings (loss) per common share |  | $ | (2.93) |  |  | $ | 1.57 |  |  | $ | 2.50 |
Diluted earnings (loss) per common share |  | $ | (2.93) |  |  | $ | 1.45 |  |  | $ | 2.37 |
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, |  | 2023 |  | 2022 |  | 2021
Series A Mandatory Convertible Preferred Stock |  | 10,423 |  |  | 8,915 |  |  | 8,915 |
Series B Convertible Preferred Stock |  | 26,349 |  |  | 9,162 |  |  | 2,230 |
Common stock equivalents |  | 2,271 |  |  | 9,611 |  |  | 118 |
Total anti-dilutive shares |  | 39,043 |  |  | 27,688 |  |  | 11,263 |

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