Earnings (Loss) Per Share

3 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

Basic earnings per share is based on the average number of shares of common stock 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 units using the “treasury stock” method and convertible senior notes using the “if converted” method.

Remeasurements to the redemption value of the redeemable NCI prior to the PHPC Redemption were recognized as a deemed dividend (see Note 3). The Company made an election to treat the portion of the deemed dividend that exceeded fair value as an adjustment to income available to common shareholders for basic and diluted earnings per share. In addition, dilutive net earnings was adjusted for interest expense, net of tax, related to the Company’s convertible senior notes.

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


	Three Months Ended December 31,
		2023		2022










Net earnings		$	88.1	$	91.9
Impact of redeemable NCI		—		5.7
Net earnings for basic earnings per share		$	88.1	$	97.6
Impact of interest expense, net of tax, related to convertible senior notes		2.7		2.7
Net earnings for diluted earnings per share		$	90.8	$	100.3













Weighted-average shares for basic earnings per share		60.5		58.8
Effect of dilutive securities:
Stock options		0.3		0.4

Restricted stock units		0.4		0.7
Market-based performance restricted stock units		0.6		0.4
Earnings-based performance restricted stock units		0.1		0.1
Shares issuable upon conversion of convertible senior notes		5.4		5.4

Total dilutive securities		6.8		7.0
Weighted-average shares for diluted earnings per share		67.3		65.8








Earnings per Common Share:
Basic		$	1.46	$	1.66
Diluted		$	1.35	$	1.52

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


	Three Months Ended December 31,
		2023	2022


Restricted stock units		—	0.2
Market-based performance restricted stock units		0.1	0.2