Earnings per share

9 Months Ended

Jun. 30, 2023

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 restricted stock unit (RSU) awards, performance share awards, deferred compensation equity plans and the conversion of the Mandatory convertible preferred stock (MCPS).

During the second quarter of fiscal year 2022, the MCPS were converted to approximately 4.7 million shares of

Common stock and are no longer outstanding for fiscal 2023. For the nine months ended June 30, 2022, the issued common shares are included in the basic weighted average common shares outstanding for the period subsequent to the conversion, and included in the diluted calculation prior to their conversion using the if-converted method and are only included if the conversion would be further dilutive to the calculation.

The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2023 and 2022:


(in millions, except per share data)	For the Quarters Ended June 30,				For the Nine Months Ended June 30,
Basic net earnings per share	2023		2022		2023		2022
Net earnings	$	31.8	$	52.4	$	120.8	$	131.4
Mandatory preferred stock dividends	—		—		—		(4.0)


Net earnings attributable to common shareholders	$	31.8	$	52.4	$	120.8	$	127.4

Weighted average common shares outstanding - Basic	71.5		71.3		71.4		69.5



Basic net earnings per common share	$	0.44	$	0.73	$	1.69	$	1.83

Diluted net earnings per share




Weighted average common shares outstanding - Basic	71.5		71.3		71.4		69.5

Dilutive effect of RSU	0.5		0.2		0.4		0.1
Dilutive effect of performance shares	0.5		0.1		0.5		0.2
Dilutive effect of stock based deferred compensation plan	—		0.1		0.1		0.1

Weighted average common shares outstanding - Diluted	72.5		71.7		72.4		69.9

Diluted net earnings per common share	$	0.44	$	0.73	$	1.67	$	1.82

For the quarter ended June 30, 2023, there were no antidilutive RSU shares and for the quarter ended June 30, 2022, 0.4 million RSU were anti-dilutive and not included in the diluted net earnings per share calculation. For the nine months ended June 30, 2023 and 2022, 0.1 million and 0.4 million RSU, respectively, were antidilutive and not included in the diluted net earnings per share calculation.

Performance based RSU shares of 1.3 million and 1.6 million were excluded for the quarters ended June 30, 2023 and 2022, respectively, as the performance targets for those awards have not been achieved as of the end of the applicable periods. For the nine months ended June 30, 2023 and 2022, performance based RSU of 1.3 million and 1.6 million, respectively, were excluded as the performance targets for those awards have not been achieved as of the end of the applicable periods.