15. Earnings Per Common Share

The calculation of basic earnings per share for each period is based on the weighted average number of common and class B shares outstanding during the period. The calculation of diluted earnings per share for each period is based on the weighted average number of common and class B shares outstanding during the period plus the effect, if any, of dilutive common stock equivalent shares.

The following table presents the calculations of earnings per share:



Years ended June 30,	2018			2017		2016
(In millions except per share data)
Net earnings	$	99.4		$	188.9	$	33.9
Participating warrant dividend	(1.8		)	—		—
Preferred stock dividend	(22.9		)	—		—
Accretion of Series A preferred stock	(7.2		)	—		—
Other securities dividends	(1.1		)	—		—
Basic earnings attributable to common shareholders	$	66.4		$	188.9	$	33.9

Basic weighted-average common shares outstanding	44.9			44.6		44.6
Basic earnings per share	$	1.48		$	4.23	$	0.76

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method.



Years ended June 30,	2018		2017		2016
(In millions except per share data)
Basic weighted-average common shares outstanding	44.9		44.6		44.6
Dilutive effect of stock options and equivalents	0.3		0.8		0.8
Diluted weighted-average shares outstanding	45.2		45.4		45.4

Diluted earnings attributable to common shareholders	$	66.4	$	188.9	$	33.9
Diluted earnings per share	1.47		4.16		0.75

For the year ended June 30, 2018, 0.7 million convertible preferred shares, 0.7 million warrants, 0.3 million common stock equivalents, and 0.2 million shares of restricted stock were not included in the computation of dilutive loss per share. These securities have an antidilutive effect on the earnings per share calculation (the diluted earnings per share becoming higher than basic earnings per share). Therefore, these securities are not taken into account in determining the weighted average number of shares for the calculation of diluted earnings per share for the year ended June 30, 2018.

In addition, antidilutive options excluded from the above calculations totaled 0.8 million options for the year ended June 30, 2018 ($62.71 weighted average exercise price), 0.3 million options for the year ended June 30, 2017 ($54.28 weighted average exercise price), and 1.3 million options for the year ended June 30, 2016 ($49.02 weighted average exercise price).

In the years ended June 30, 2018, 2017 and 2016, options were exercised to purchase 0.5 million, 0.9 million, and 0.5 million common shares, respectively.