Earnings Per Common Share

3 Months Ended

Sep. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

3. Earnings Per Common Share

The Company calculates basic earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (nonvested 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 is divided by the weighted average number of shares for the period in each class. Because the participating securities have no obligation to share in net losses, losses are not allocated to the participating securities in this calculation.

The calculations of basic and diluted earnings per common share for the three months ended September 30, 2011 and 2010 were as follows:

	Three Months Ended September 30,
(in millions, except per share data)	2011			2010
Net income attributable to Carpenter	$	23.8		$	7.6
Less: earnings and dividends allocated to participating securities		(0.2	)		(0.1	)
Earnings available to Carpenter common stockholders	$	23.6		$	7.5
Weighted average number of common shares outstanding, basic		44.3			44.1
Effect of shares issuable under share based compensation plans		0.8			0.4
Weighted average number of common shares outstanding, diluted		45.1			44.5
Basic earnings per common share	$	0.53		$	0.17
Diluted earnings per common share	$	0.53		$	0.17

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:

(in millions)	Three Months Ended September 30,
	2011		2010
Stock options		0.1		0.4
Restricted stock awards		—		0.1