Earnings (Loss) per Common Share

3 Months Ended

Sep. 30, 2023

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 September 30, 2022, 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 months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,
(in millions, except per share data)	2023		2022
Net income (loss)	$	43.9	$	(6.9)
Dividends allocated to participating securities	(0.1)		(0.1)
Earnings (loss) available for common stockholders used in calculation of basic earnings (loss) per common share	$	43.8	$	(7.0)

Weighted average number of common shares outstanding, basic	49.2		48.7

Basic earnings (loss) per common share	$	0.89	$	(0.14)

Net income (loss)	$	43.9	$	(6.9)
Dividends allocated to participating securities	(0.1)		(0.1)
Earnings (loss) available for common stockholders used in calculation of diluted earnings (loss) per common share	$	43.8	$	(7.0)

Weighted average number of common shares outstanding, basic	49.2		48.7
Effect of shares issuable under share-based compensation plans	0.7		—
Weighted average number of common shares outstanding, diluted	49.9		48.7

Diluted earnings (loss) per common share	$	0.88	$	(0.14)

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 September 30,
(in millions)	2023	2022
Stock options	—	1.9