Lumentum Holdings Inc.LITE

Lumentum Holdings Inc. Earnings Per Share Disclosure

10-KFiled Aug 19, 20252 min read
Note 3. Earnings Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share (in millions, except per share data):
 Years Ended
 June 28, 2025June 29, 2024July 1, 2023
Numerator:  
Net income (loss) - basic and diluted$25.9 $(546.5)$(131.6)
Denominator:
Weighted average common shares outstanding - basic69.0 67.3 68.3 
Effect of dilutive securities from stock-based benefit plans0.6 — — 
Weighted average common shares outstanding - diluted69.6 67.3 68.3 
Net income (loss) per share:
     Basic $0.38 $(8.12)$(1.93)
     Diluted$0.37 $(8.12)$(1.93)
Shares from stock-based benefit plans and shares issuable assuming conversion of our convertible notes are anti-dilutive for the years ended June 29, 2024 and July 1, 2023, therefore excluded from the calculation of diluted net loss per share, as the Company had net loss for these periods. For the year ended June 28, 2025, the Company had net loss during the first three quarters, and therefore shares from stock-based benefit plans and shares issuable assuming conversion of our convertible notes were included in the weighted average only for the fourth quarter of fiscal year 2025.
Average anti-dilutive shares excluded from the calculation of diluted net income per share for the year ended June 28, 2025 include 4.4 million shares issuable under restricted stock units (“RSUs”) and performance stock units (“PSUs”), 0.1 million shares issuable under the 2015 Purchase Plan (the “ESPP”) and 0.8 million shares outstanding related to stock options. In addition, the calculation of diluted net income per share for the year ended June 28, 2025 excludes the impact of our convertible notes under the if-converted method.
Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the year ended June 29, 2024 include 29.6 million shares related to the convertible notes, 4.1 million shares issuable under RSUs and PSUs and 0.2 million shares issuable under the ESPP and 1.1 million shares outstanding related to stock options.
Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the year ended July 1, 2023 include 24.8 million shares related to convertible notes, 3.2 million shares issuable under RSUs and PSUs and 0.2 million shares issuable under the ESPP. Refer to “Note 14. Equity”.
As a result of our adoption of ASU No. 2020-06 in the first quarter of fiscal year 2023, potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method.

Historical Timeline

Fiscal YearFiled
2025Aug 19, 2025Showing above
2024Aug 21, 2024
2023Aug 23, 2023
2022Aug 24, 2022
2021Aug 31, 2021
2020Aug 25, 2020
2019Aug 27, 2019
2018Aug 28, 2018
2017Aug 29, 2017
2016Sep 2, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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