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Earnings per Common Share
 6 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share
 
The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding.

The calculations of basic and diluted earnings per common share for the three and six months ended December 31, 2019 and 2018 were as follows: 
 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
(in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
38.8

 
$
35.5

 
$
80.0

 
$
67.0

Less: earnings and dividends allocated to participating securities
 
(0.4
)
 
(0.4
)
 
(0.8
)
 
(0.8
)
Earnings available for common stockholders used in calculation of basic earnings per common share
 
$
38.4

 
$
35.1

 
$
79.2

 
$
66.2

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding, basic
 
48.1

 
47.7

 
48.0

 
47.7

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 
$
0.80

 
$
0.73

 
$
1.65

 
$
1.39

 
 
 
 
 
 
 
 
 
Net income
 
$
38.8

 
$
35.5

 
$
80.0

 
$
67.0

Less: earnings and dividends allocated to participating securities
 
(0.4
)
 
(0.4
)
 
(0.8
)
 
(0.8
)
Earnings available for common stockholders used in calculation of diluted earnings per common share
 
$
38.4

 
$
35.1

 
$
79.2

 
$
66.2

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding, basic
 
48.1

 
47.7

 
48.0

 
47.7

Effect of shares issuable under share-based compensation plans
 
0.4

 
0.3

 
0.4

 
0.4

Weighted average number of common shares outstanding, diluted
 
48.5

 
48.0

 
48.4

 
48.1

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
$
0.79

 
$
0.73

 
$
1.64

 
$
1.38


 
The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive:
 
 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
(in millions)
 
2019
 
2018
 
2019
 
2018
Stock options
 
0.6

 
0.8

 
0.8

 
0.4