Loss (Earnings) per Common Share

12 Months Ended

Jun. 30, 2022

The Company calculates basic and diluted (loss) earnings per share using the two class method. Under the two class method, (loss) 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 (loss) earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted (loss) earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the years ended June 30, 2022 and 2021, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive.

The calculations of basic and diluted (loss) earnings per common share for the years ended June 30, 2022, 2021 and 2020 were as follows:


	Years Ended June 30,
(in millions, except per share data)	2022		2021		2020
Net (loss) income	$	(49.1)	$	(229.6)	$	1.5
Dividends allocated to participating securities	(0.1)		(0.4)		(0.4)

(Loss) earnings available for common shareholders used in calculation of basic (loss) earnings per share	$	(49.2)	$	(230.0)	$	1.1

Weighted average number of common shares outstanding, basic	48.5		48.3		48.1

Basic (loss) earnings per common share	$	(1.01)	$	(4.76)	$	0.02

Net (loss) income	$	(49.1)	$	(229.6)	$	1.5
Dividends allocated to participating securities	(0.1)		(0.4)		(0.4)

(Loss) earnings available for common shareholders used in calculation of diluted (loss) earnings per share	$	(49.2)	$	(230.0)	$	1.1

Weighted average number of common shares outstanding, basic	48.5		48.3		48.1
Effect of shares issuable under share-based compensation plans	—		—		0.1

Weighted average number of common shares outstanding, diluted	48.5		48.3		48.2

Diluted (loss) earnings per common share	$	(1.01)	$	(4.76)	$	0.02

The following awards issued under share-based compensation plans were excluded from the calculations of diluted earnings per share above because their effects were anti-dilutive:


	Years Ended June 30,
(in millions)	2022	2021	2020
Stock options	1.9	2.1	1.3