Earnings Per Share

The Company’s basic net (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of outstanding common shares. The Company’s diluted net (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and stock incentive plans. All common share equivalents were excluded from the diluted net (loss) earnings per share calculation for the three months ended January 31, 2018 because the Company incurred a net loss for the period. Certain outstanding options were excluded from the diluted net (loss) earnings per share calculations for the other periods because their exercise prices are greater than the average market price of the Company’s common stock during those periods. Options excluded from the diluted net (loss) earnings per share calculation were 2.2 million and 0.1 million for the three and six months ended January 31, 2018, respectively. Options excluded from the diluted net (loss) earnings per share calculation were 1.6 million for the three and six months ended January 31, 2017.

The following table presents the information necessary to calculate basic and diluted net earnings per share (in millions, except per share amounts):



	Three Months Ended January 31,					Six Months Ended January 31,
	2018			2017		2018		2017
Net (loss) earnings for basic and diluted earnings per share computation	$	(52.9	)	$	46.5	$	8.0	$	104.5

Weighted average common shares outstanding:
Weighted average common shares – basic	130.6			132.9		130.7		133.2
Dilutive impact of share based awards	—			1.5		2.1		1.3
Weighted average common shares – diluted	130.6			134.4		132.8		134.5

Net (loss) earnings per share – basic	$	(0.40	)	$	0.35	$	0.06	$	0.78
Net (loss) earnings per share – diluted	$	(0.40	)	$	0.35	$	0.06	$	0.78