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Earnings (Loss) Per Share | 9 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) 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. For the three and nine months ended March 31, 2023, as the Company was in a net loss position, no dilution was included in the calculation of earnings (loss) per share. Potentially dilutive shares whose effect would have been anti-dilutive are excluded from the computation of diluted earnings (loss) per common share. For the three and nine months ended March 31, 2023, diluted earnings (loss) per share excluded the potentially dilutive effect of the performance and restricted shares, calculated based on the average stock price for each fiscal period, using the treasury stock method, 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 (under the If-Converted method), as their effects were anti-dilutive. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations for the three and nine months ended March 31, 2023 and March 31, 2022 ($000):
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2023 |  |  | 2022 |  | 2023 |  | 2022
Numerator |  |  |  |  |  |  |  |
Net earnings (loss) | $ | 2,546 |  |  |  | $ | 49,002 |  |  | $ | (81,224) |  |  | $ | 191,123 |
Deduct Series A preferred stock dividends | (6,900) |  |  |  | (6,900) |  |  | (20,700) |  |  | (20,700) |
Deduct Series B dividends and deemed dividends | (29,171) |  |  |  | (10,248) |  |  | (86,837) |  |  | (30,233) |
Basic earnings (loss) available to common shareholders | $ | (33,525) |  |  |  | $ | 31,854 |  |  | $ | (188,761) |  |  | $ | 140,190 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back interest on Convertible Notes (net of tax) | $ | — |  |  |  | $ | 571 |  |  | $ | — |  |  | $ | 1,650 |
Diluted earnings (loss) available to common shareholders | $ | (33,525) |  |  |  | $ | 32,425 |  |  | $ | (188,761) |  |  | $ | 141,840 |
Denominator |  |  |  |  |  |  |  |
Weighted average shares | 139,113 |  |  |  | 106,323 |  |  | 136,990 |  |  | 106,079 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Common stock equivalents | — |  |  |  | 3,296 |  |  | — |  |  | 3,001 |
Convertible Notes | — |  |  |  | 7,330 |  |  | — |  |  | 7,330 |
Diluted weighted average common shares | 139,113 |  |  |  | 116,949 |  |  | 136,990 |  |  | 116,410 |
Basic earnings (loss) per common share | $ | (0.24) |  |  |  | $ | 0.30 |  |  | $ | (1.38) |  |  | $ | 1.32 |
Diluted earnings (loss) per common share | $ | (0.24) |  |  |  | $ | 0.28 |  |  | $ | (1.38) |  |  | $ | 1.22 |
The following table presents potential shares of Coherent Common Stock excluded from the calculation of diluted earnings (loss) per share as their effect would have been anti-dilutive for the three and nine months ended March 31, 2023 and March 31, 2022 ($000):
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Common stock equivalents | 2,416 |  |  | 2 |  |  | 2,334 |  |  | 12 |
Convertible Notes | — |  |  | — |  |  | 1,491 |  |  | — |
Series A Mandatory Convertible Preferred Stock | 10,697 |  |  | 8,915 |  |  | 10,331 |  |  | 8,915 |
Series B Convertible Preferred Stock | 26,511 |  |  | 9,217 |  |  | 26,185 |  |  | 9,105 |
Total anti-dilutive shares | 39,624 |  |  | 18,134 |  |  | 40,341 |  |  | 18,032 |

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