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Earnings per Share
6 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings per Share

NOTE 6 EARNINGS PER SHARE
Basic earnings per share is based on the average number of common shares outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options, stock appreciation rights and restricted stock equivalents using the “treasury stock” method. The impact of potentially dilutive convertible preferred stock is calculated using the “if-converted” method.
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended March 31, 2014 and 2013, respectively.
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2014
 
2013
 
2014
 
2013
Net (loss) earnings
$
(18.3
)
 
$
5.1

 
$
(20.7
)
 
$
12.7

Preferred stock dividends
(4.3
)
 
(0.8
)
 
(6.9
)
 
(0.8
)
Net (loss) earnings available to common stockholders
$
(22.6
)
 
$
4.3

 
$
(27.6
)
 
$
11.9

 
 
 
 
 
 
 
 
Weighted-average shares for basic earnings per share
33.6

 
32.7

 
33.1

 
32.6

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options

 

 

 

Stock appreciation rights

 
0.1

 

 
0.1

Restricted stock units

 
0.1

 

 
0.1

Total dilutive securities

 
0.2

 

 
0.2

Weighted-average shares for diluted earnings per share
33.6

 
32.9

 
33.1

 
32.8


 
 
 
 
 
 
 
Basic (loss) earnings per common share
$
(0.67
)
 
$
0.13

 
$
(0.83
)
 
$
0.36

Diluted (loss) earnings per common share
$
(0.67
)
 
$
0.13

 
$
(0.83
)
 
$
0.36

For the three and six months ended March 31, 2014 and 2013, weighted-average shares for diluted (loss) earnings per common share excludes 3.8 million, 0.6 million, 3.8 million and 2.2 million equity awards, respectively, and for both the three and six months ended March 31, 2014 and 2013, excludes 11.0 million and 5.1 million shares, respectively, related to the potential conversion of the Company’s convertible preferred stock (see Note 11) as they were anti-dilutive.