14. Earnings (Loss) Per Common Share

The following table presents the calculations of basic earnings (loss) per common share:



Three months ended September 30,	2018			2017
(In millions except per share data)
Net earnings	$	17.0		$	33.4
Participating warrant dividend	(0.9		)	—
Preferred stock dividend	(14.0		)	—
Accretion of redeemable, convertible Series A preferred stock	(4.3		)	—
Other securities dividends	(0.4		)	—
Basic earnings (loss) attributable to common shareholders	$	(2.6	)	$	33.4

Weighted average common shares outstanding	45.1			44.8
Basic earnings (loss) per common share	$	(0.06	)	$	0.75

Diluted earnings (loss) per common 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.



Three months ended September 30,	2018			2017
(In millions except per share data)
Basic weighted-average common shares outstanding	45.1			44.8
Dilutive effect of stock options and equivalents	—			0.8
Diluted weighted-average shares outstanding	45.1			45.6

Diluted earnings (loss) attributable to common shareholders	$	(2.6	)	$	33.4
Diluted earnings (loss) per common share	(0.06		)	0.73

For the three months ended September 30, 2018, 0.7 million convertible preferred shares, 1.6 million warrants, 0.2 million options, 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 loss per share calculation (the diluted loss per share becoming less negative than the basic loss per share). Therefore, these securities are not taken into account in determining the weighted average number of shares for the calculation of diluted loss per share for the three months ended September 30, 2018.

For the three months ended September 30, 2018 and 2017 antidilutive options excluded from the above calculations totaled 2.7 million (with a weighted average exercise price of $63.24) and 0.5 million (with a weighted average exercise price of $56.14), respectively.

In the three months ended September 30, 2018, a minimal number of options were exercised to purchase common shares while 0.3 million options were exercised to purchase common shares in the three months ended September 30, 2017.