II-VI Incorporated Reports Q4 and Full-Year Fiscal 2022 Results
*Amounts may not recalculate due to rounding.
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Table 7 |
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Non-GAAP Earnings Per Share Calculation |
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$ Millions |
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(Unaudited) | |
Three Months Ended | | |
Year Ended |
| | |
Jun 30, | |
Mar 31, | |
Jun 30, | | |
Jun 30, | |
Jun 30, |
| | | |
2022 | | | |
2022 | | | |
2021 | | | | |
2022 | | | |
2021 | |
|
Numerator | | | | | | | | | | | |
| Net earnings on non-GAAP basis | | $ | 133.7 | | | $ | 129.0 | | | $ | 117.0 | | | | $ | 504.6 | | | $ | 460.2 | |
| Deduct Series A preferred stock dividends | | | (6.9 | ) | | | (6.9 | ) | | | (6.9 | ) | | | | (27.6 | ) | | | (27.1 | ) |
| Deduct Series B redeemable preferred dividends | | | (10.4 | ) | | | (10.2 | ) | | | (10.0 | ) | | | | (40.6 | ) | | | (10.1 | ) |
|
Basic earnings available to common shareholders | | $ | 116.4 | | | $ | 111.9 | | | $ | 100.2 | | | | $ | 436.3 | | | $ | 423.0 | |
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| Effect of dilutive securities | | | | | | | | | | | |
| Add back interest on II-VI Convertible Notes | | $ | 0.6 | | | $ | 0.6 | | | $ | 3.1 | | | | $ | 2.2 | | | $ | 12.3 | |
| Add back Series A preferred stock dividends | | | 6.9 | | | | 6.9 | | | | 6.9 | | | | | 27.6 | | | | 27.1 | |
|
Diluted earnings available to common shareholders | | $ | 123.8 | | | $ | 119.4 | | | $ | 110.1 | | | | $ | 466.2 | | | $ | 462.4 | |
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Denominator | | | | | | | | | | | |
| Weighted average shares | | | 106.5 | | | | 106.3 | | | | 105.0 | | | | | 106.2 | | | | 104.2 | |
| Effect of dilutive securities: | | | | | | | | | | | |
| Common stock equivalents | | | 3.0 | | | | 3.3 | | | | 3.9 | | | | | 3.0 | | | | 3.6 | |
| II-VI Convertible Notes | | | 7.3 | | | | 7.3 | | | | 7.3 | | | | | 7.3 | | | | 7.3 | |
| Series A Mandatory Convertible Preferred Stock | | | 8.9 | | | | 8.9 | | | | 8.9 | | | | | 8.9 | | | | 8.9 | |
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Diluted weighted average common shares | | | 125.7 | | | | 125.9 | | | | 125.1 | | | | | 125.4 | | | | 123.9 | |
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Basic earnings per common share on non-GAAP basis
(1) | | $ | 1.09 | | | $ | 1.05 | | | $ | 0.95 | | | | $ | 4.11 | | | $ | 4.06 | |
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Diluted earnings per common share on non-GAAP basis | | $ | 0.98 | | | $ | 0.95 | | | $ | 0.88 | | | | $ | 3.72 | | | $ | 3.73 | |
