Earnings per share

6 Months Ended

Mar. 31, 2021

Basic earnings per share is based on the average number of common shares outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of restricted stock equivalents, performance share awards and deferred compensation equity plans. Common shares issuable upon conversion of the Mandatory Convertible Preferred Stock (MCPS) are included in the calculation of diluted earnings per share using the if-converted method and are only included if the conversion would be further dilutive to the calculation.

The following table sets forth the computation of basic and diluted earnings per share for the quarter and six months ended March 31, 2021 and 2020:


(in millions, except per share data)	For the Quarter Ended March 31,				For the Six Months Ended March 31,
Basic net (loss)/earnings per share	2021		2020		2021		2020
Net (loss)/earnings from continuing operations	$	(10.2)	$	13.7	$	56.9	$	59.5
Mandatory preferred stock dividends	(4.1)		(4.1)		(8.1)		(8.1)
Net (loss)/earnings from continuing operations attributable to common shareholders	(14.3)		9.6		48.8		51.4
Net loss from discontinued operations, net of tax	—		(131.4)		—		(131.1)
Net (loss)/earnings attributable to common shareholders	$	(14.3)	$	(121.8)	$	48.8	$	(79.7)

Weighted average common shares outstanding - Basic	68.4		69.1		68.5		69.1

Basic net (loss)/earnings per common share - continuing operations	$	(0.21)	$	0.14	$	0.71	$	0.74
Basic net loss per common share - discontinued operations	—		(1.90)		—		(1.89)
Basic net (loss)/earnings per common share	$	(0.21)	$	(1.76)	$	0.71	$	(1.15)

Diluted net (loss)/earnings per share




Weighted average common shares outstanding - Basic	68.4		69.1		68.5		69.1

Dilutive effect of restricted stock equivalents	—		0.2		0.1		0.2
Dilutive effect of performance shares	—		0.1		0.1		0.4
Dilutive effect of stock based deferred compensation plan	—		0.1		0.1		0.1

Weighted average common shares outstanding - Diluted	68.4		69.5		68.8		69.8

Diluted net (loss)/earnings per common share - continuing operations	$	(0.21)	$	0.14	$	0.71	$	0.74
Diluted net loss per common share - discontinued operations	—		(1.89)		—		(1.88)
Diluted net (loss)/earnings per common share	$	(0.21)	$	(1.75)	$	0.71	$	(1.14)

For the quarter ended March 31, 2021, as our continuing operations were in a loss position, all restricted shares were anti-dilutive and excluded from our dilutive net (loss)/earnings per share calculation. For the six months ended March 31, 2021, 0.1 million restricted stock equivalents were anti-dilutive and not included in the diluted net earnings per share calculation. For the quarter and six months ended March 31, 2020, 0.1 million restricted stock equivalents, respectively, were anti-dilutive and not included in the diluted net earnings/(loss) per share calculation.

All performance shares were excluded from the quarter ended March 31, 2021 as our continuing operations were in a loss position. Performance based restricted stock equivalents of 1.3 million were excluded for the six months ended March 31, 2021, and 1.3 million and 1.1 million for the quarter and six months ended March 31, 2020, respectively, as they were anti-dilutive or the performance targets for those shares have not been achieved as of the end of the applicable period.

The Company's MCPS were considered anti-dilutive for all periods and excluded for the calculations of diluted earnings/(loss) per share.