Earnings (Loss) per Common Share

6 Months Ended

Dec. 31, 2022

The Company calculates basic and diluted earnings (loss) per share using the two class method. Under the two class method, earnings (loss) 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 (loss) available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended December 31, 2021, and the six months ended December 31, 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 earnings (loss) per common share for the three and six months ended December 31, 2022 and 2021 were as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
(in millions, except per share data)	2022		2021		2022		2021
Net income (loss)	$	6.2	$	(29.4)	$	(0.6)	$	(44.1)
Dividends allocated under share-based compensation plans	(0.1)		—		(0.2)		(0.1)
Earnings (loss) available for common stockholders used in calculation of basic loss per common share	$	6.1	$	(29.4)	$	(0.8)	$	(44.2)

Weighted average number of common shares outstanding, basic	48.8		48.6		48.7		48.5

Basic earnings (loss) per common share	$	0.13	$	(0.61)	$	(0.02)	$	(0.91)

Net income (loss)	$	6.2	$	(29.4)	$	(0.6)	$	(44.1)
Dividends allocated under share-based compensation plans	(0.1)		—		(0.2)		(0.1)
Earnings (loss) available for common stockholders used in calculation of diluted loss per common share	$	6.1	$	(29.4)	$	(0.8)	$	(44.2)

Weighted average number of common shares outstanding, basic	48.8		48.6		48.7		48.5
Effect of shares issuable under share-based compensation plans	0.2		—		—		—
Weighted average number of common shares outstanding, diluted	49.0		48.6		48.7		48.5

Diluted earnings (loss) per common share	$	0.13	$	(0.61)	$	(0.02)	$	(0.91)

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


	Three Months Ended December 31,		Six Months Ended December 31,
(in millions)	2022	2021	2022	2021
Stock options	1.7	2.0	1.8	2.0