Loss per Common Share

3 Months Ended

Sep. 30, 2022

The Company calculates basic and diluted loss per share using the two class method. Under the two class method, losses 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 losses available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted loss per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended September 30, 2022 and 2021, respectively, 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 per common share for the three months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,
(in millions, except per share data)	2022		2021
Net loss	$	(6.9)	$	(14.8)
Dividends allocated under share-based compensation plans	(0.1)		—
Loss available for common stockholders used in calculation of basic loss per common share	$	(7.0)	$	(14.8)

Weighted average number of common shares outstanding, basic	48.7		48.5

Basic loss per common share	$	(0.14)	$	(0.31)

Net loss	$	(6.9)	$	(14.8)
Dividends allocated under share-based compensation plans	(0.1)		—
Loss available for common stockholders used in calculation of diluted loss per common share	$	(7.0)	$	(14.8)

Weighted average number of common shares outstanding, basic	48.7		48.5
Effect of shares issuable under share-based compensation plans	—		—
Weighted average number of common shares outstanding, diluted	48.7		48.5

Diluted loss per common share	$	(0.14)	$	(0.31)

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


	Three Months Ended September 30,
(in millions)	2022	2021
Stock options	1.9	1.9