Earnings per Common Share

3 Months Ended

Sep. 30, 2015

Earnings per Common Share

The Company calculates basic and diluted 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 are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding.

The calculations of basic and diluted earnings per common share for the three months ended September 30, 2015 and 2014 were as follows:



	Three Months Ended September 30,
(in millions, except per share data)	2015		2014
Net income	$	8.9	$	13.5
Less: earnings and dividends allocated to participating securities	—		—
Earnings available for common stockholders used in calculation of basic earnings per share	$	8.9	$	13.5

Weighted average number of common shares outstanding, basic	49.7		53.5

Basic earnings per common share	$	0.18	$	0.25

Net income	$	8.9	$	13.5
Less: earnings and dividends allocated to participating securities	—		—
Earnings available for common stockholders used in calculation of diluted earnings per share	$	8.9	$	13.5

Weighted average number of common shares outstanding, basic	49.7		53.5
Effect of shares issuable under share-based compensation plans	0.2		0.2
Weighted average number of common shares outstanding, diluted	49.9		53.7

Diluted earnings per common share	$	0.18	$	0.25

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:

Three Months Ended
September 30,

(in millions)

Stock options