(Loss) Earnings Per Share

12 Months Ended

Sep. 30, 2021

Earnings (Loss) per Share

The dilutive effects of performance-based stock awards described in Note 10 are included in the computation of diluted earnings per share at the level the related performance criteria are met through the respective Consolidated Balance Sheet date. At September 30, 2021, 2020, and 2019, potential dilutive effects representing 450,000, 400,000, and 400,000 shares, respectively, were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although the Company expects to meet various levels of criteria in the future.


	Year Ended September 30,
	2021		2020		2019
Net income (loss) attributable to Hillenbrand	$	249.9	$	(60.1)	$	121.4
Weighted average shares outstanding — basic (in millions) (1)	74.9		73.4		62.9
Effect of dilutive stock options and unvested time-based restricted stock (in millions) (2)	0.5		—		0.4
Weighted average shares outstanding — diluted (in millions)	75.4		73.4		63.3

Basic earnings (loss) per share	$	3.34	$	(0.82)	$	1.93
Diluted earnings (loss) per share	$	3.31	$	(0.82)	$	1.92

Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (millions)	0.8		2.8		0.8

(1)The increase in weighted-average shares outstanding during the year ended September 30, 2020 was due to 11.9 million of additional shares issued on November 21, 2019, in connection with the acquisition of Milacron. See Note 4 for further information.

(2)As a result of the net loss attributable to Hillenbrand during the year ended September 30, 2020, the effect of stock options and other unvested equity awards would be antidilutive. In accordance with GAAP, they have been excluded from the diluted earnings per share calculation.