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Earnings Per Share
6 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
11. Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. In computing diluted EPS, the average closing stock price for the period is used in determining the number of shares assumed to be purchased with the proceeds from the exercise of stock options under the treasury stock method. Potential common shares of 1,214,238 and 973,653 for the three and six months ended December 31, 2016, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive.

 

For the three-month and six-month periods ended December 31, 2016 and December 26, 2015, a reconciliation of the numerators and denominators for the basic and diluted EPS computations is as follows:

 

($ in millions, except share and per share amounts)

   Three months
ended
December 31, 2016
     Three months
ended
December 26, 2015
     Six months
ended
December 31, 2016
     Six months
ended
December 26, 2015
 

Numerator:

           

Net income

   $ 22.9       $ 17.5       $ 35.1       $ 29.7   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator:

           

Weighted-average common shares outstanding

     100,112,604         99,107,828         100,031,544         92,996,688   

Dilutive effect of share-based awards

     2,537,780         1,259,700         2,445,108         1,084,488   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted-average dilutive shares outstanding

     102,650,384         100,367,528         102,476,652         94,081,176   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

   $ 0.23       $ 0.18       $ 0.35       $ 0.32   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share

   $ 0.22       $ 0.17       $ 0.34       $ 0.32