Earnings per Share

9 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

A reconciliation of the numerators and denominators of the basic and diluted per share computation follows. No such computation is necessary for the Predecessor periods as the Predecessor was organized as a limited liability company and did not have publicly traded shares.

	Successor
	Three Months Ended   June 30, 2016			Nine Months Ended   June 30, 2016
Basic:
Net loss	$	(15.5	)	$	(17.1	)
Weighted average number of common shares outstanding during the period	34,072,056			21,241,897
Net loss per common share - basic	$	(0.45	)	$	(0.81	)
Diluted:
Net loss	$	(15.5	)	$	(17.1	)
Denominator for diluted earnings per share:
Weighted average number of common shares outstanding during the period	34,072,056			21,241,897
Incremental common shares attributable to outstanding dilutive options and unvested restricted shares	—			—
Denominator for diluted earnings per common share	34,072,056			21,241,897
Net loss per common share - diluted	$	(0.45	)	$	(0.81	)

The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. A large number of shares were issued in connection with the Business Combination on the Closing Date and the weighted average shares outstanding only incorporates these shares from that date through June 30, 2016, or 22 days.

For the three and nine months ended June 30, 2016, there were 12,476,250 Founder Shares excluded from the basic and diluted computations commencing on the Closing Date because such shares were subject to forfeiture, 1,547,500 PSU awards which were not included in the computation of diluted shares outstanding because performance targets and/or market conditions were not yet met for these awards. Diluted shares outstanding also did not include 25,012,500 shares based on the exercise of 50,025,000 warrants because the warrants were out-of-the-money and their impact on the Company’s net loss is anti-dilutive for both the three and nine months ended June 30, 2016.