(Loss) Earnings Per Share

9 Months Ended

Jun. 30, 2021

(LOSS) EARNINGS PER SHAREBasic (loss) earnings per share is based on the average number of common shares outstanding during the period. Diluted (loss) earnings per share is based on the average number of shares used for the basic (loss) earnings per share calculation, adjusted for the dilutive effect of stock options, stock appreciation rights and restricted stock units using the “treasury stock” method. Remeasurements to the redemption value of the redeemable NCI are recognized as a deemed dividend (see Note 3). As allowed for within ASC Topic 480, “Distinguishing Liabilities from Equity,” the Company has made an election to treat the portion of the deemed dividend that exceeds fair value as a reduction of income available to common shareholders for basic and diluted (loss) earnings per share. In addition, “Net (loss) earnings for diluted (loss) earnings per share” in the table below has been adjusted for the Company’s share of BellRing’s consolidated net earnings for diluted earnings per share, to the extent it is dilutive.

The following table sets forth the computation of basic and diluted (loss) earnings per share.


	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Net (Loss) Earnings	$	(54.3)	$	36.0	$	136.8	$	(56.2)
Accretion of redeemable NCI	6.4		—		6.4		—
Net (loss) earnings for basic (loss) earnings per share	$	(60.7)	$	36.0	$	130.4	$	(56.2)
Dilutive impact of BellRing net earnings	—		—		—		—

Net (loss) earnings for diluted (loss) earnings per share	$	(60.7)	$	36.0	$	130.4	$	(56.2)



Weighted-average shares for basic (loss) earnings per share	63.7		68.1		64.5		69.4
Effect of dilutive securities:
Stock options	—		0.5		0.6		—
Stock appreciation rights	—		0.1		0.1		—
Restricted stock units	—		0.4		0.3		—
Performance-based restricted stock units	—		0.1		0.1		—

Total dilutive securities	—		1.1		1.1		—
Weighted-average shares for diluted (loss) earnings per share	63.7		69.2		65.6		69.4

Basic (loss) earnings per common share	$	(0.95)	$	0.53	$	2.02	$	(0.81)
Diluted (loss) earnings per common share	$	(0.95)	$	0.52	$	1.99	$	(0.81)

The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted (loss) earnings per share as they were anti-dilutive.


	Three Months Ended June 30,		Nine Months Ended June 30,
	2021	2020	2021	2020
Stock options	1.2	0.1	—	1.7
Stock appreciation rights	0.1	—	—	0.1
Restricted stock units	0.8	0.1	—	0.9
Performance-based restricted stock units	0.3	0.1	—	0.2