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Earnings Per Share
 6 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 15. Earnings Per Share

The restricted stock awards that we grant to non-employee directors are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as our Common Stock. As participating securities, we include these instruments in the earnings allocation in computing earnings per share under the two-class method described in ASC 260, “Earnings per Share”. The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in millions, except per share data):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

39.9

 

 

$

112.5

 

 

$

222.2

 

 

$

264.5

 

Less: Distributed and undistributed income
   available to participating securities

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

Distributed and undistributed income available to
   common stockholders

 

$

39.8

 

 

$

112.4

 

 

$

222.1

 

 

$

264.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

263.4

 

 

 

264.9

 

 

 

264.0

 

 

 

263.8

 

Effect of dilutive stock options and non-
   participating securities

 

 

1.9

 

 

 

2.1

 

 

 

2.1

 

 

 

2.1

 

Diluted weighted average shares outstanding

 

 

265.3

 

 

 

267.0

 

 

 

266.1

 

 

 

265.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to common
   stockholders

 

$

0.15

 

 

$

0.42

 

 

$

0.84

 

 

$

1.00

 

Diluted earnings per share attributable to
   common stockholders

 

$

0.15

 

 

$

0.42

 

 

$

0.83

 

 

$

0.99

 

 

Approximately 0.4 million and 0.6 million awards in the three months ended March 31, 2022 and 2021, respectively, were not included in computing diluted earnings per share because the effect would have been

antidilutive. Approximately 0.4 million and 0.6 million awards in the six months ended March 31, 2022 and 2021, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive.