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Earnings Per Share
9 Months Ended
Mar. 31, 2018
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 0.7 million and 0.7 million for the three and nine months ended March 31, 2018, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive. Potential common shares of 0.8 million and 1.1 million for the three and nine months ended April 1, 2017, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive.

A reconciliation of the numerators and denominators for the basic and diluted EPS computations is as follows:

 

(In millions, except per share amounts)

   Three months
ended
March 31, 2018
     Three months
ended
April 1, 2017
     Nine months
ended
March 31, 2018
     Nine months
ended
April 1, 2017
 

Numerator:

           

Net income

   $ 33.7      $ 20.8      $ 134.3      $ 55.9  
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator:

           

Weighted-average common shares outstanding

     102.7        100.3        101.7        100.1  

Dilutive effect of 
share-based awards

     1.8        2.5        2.8        2.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted-average dilutive shares outstanding

     104.5        102.8        104.5        102.8  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

   $ 0.33      $ 0.21      $ 1.32      $ 0.56  
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share

   $ 0.32      $ 0.20      $ 1.29      $ 0.54