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Earnings (Loss) Per Common Share
 6 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share
14. Earnings (Loss) Per Common Share

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

 
Three Months
 
 
Six Months
Periods ended December 31,
2019
 
2018
 
 
2019
 
2018
(In millions except per share data)
 
 
 
 
 
 
 
 
Net earnings
$
37.8

 
$
18.6

 
 
$
43.9

 
$
35.6

Participating warrants dividend
(0.9
)
 
(0.9
)
 
 
(1.9
)
 
(1.8
)
Preferred stock dividend
(14.1
)
 
(14.4
)
 
 
(28.5
)
 
(28.4
)
Accretion of redeemable, convertible Series A preferred stock
(4.5
)
 
(4.3
)
 
 
(9.0
)
 
(8.6
)
Other securities dividends
(0.3
)
 
(0.6
)
 
 
(0.3
)
 
(1.0
)
Earnings (loss) attributable to common shareholders
$
18.0

 
$
(1.6
)
 
 
$
4.2

 
$
(4.2
)
 
 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
45.7

 
45.3

 
 
45.7

 
45.2

Basic earnings (loss) per common share
$
0.39

 
$
(0.03
)
 
 
$
0.09

 
$
(0.09
)


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
 
 
Six Months
Periods ended December 31,
2019
 
2018
 
 
2019
 
2018
(In millions except per share data)
 
 
 
 
 
 
 
 
Basic weighted-average common shares outstanding
45.7

 
45.3

 
 
45.7

 
45.2

Dilutive effect of stock options and equivalents
—

 
0.4

 
 
—

 
0.5

Dilutive effect of participating warrants
1.6

 
1.6

 
 
—

 
1.6

Diluted weighted-average shares outstanding
47.3

 
47.3

 
 
45.7

 
47.3

 
 
 
 
 
 
 
 
 
Diluted earnings (loss) attributable to common shareholders
$
19.0

 
$
(0.5
)
 
 
$
4.2

 
$
(2.1
)
Diluted earnings (loss) per common share
0.40

 
(0.01
)
 
 
0.09

 
(0.05
)


For the three months ended December 31, 2019, 1.6 million warrants were included in the computation of diluted earnings per share while being antidilutive (the diluted earnings per common share becoming more than basic earnings per common share). These securities are dilutive (the diluted earnings per common share becoming less than basic earnings per common share) when calculating the diluted earnings per common share for income from continuing operations, which is the control number when determining the dilutive impact of securities in all earnings per common share calculations. Therefore, these securities are included in all diluted earnings per common share calculations for the three months ended December 31, 2019. There were also 0.7 million convertible preferred shares and 0.1 million shares of restricted stock excluded from the computation of diluted earnings per common share due to their antidilutive effect on all earnings per share calculations for the three months ended December 31, 2019.

For the three months ended December 31, 2018, 1.6 million warrants, 0.3 million common stock equivalents, and 0.1 million options were included in the computation of dilutive loss per common share while being antidilutive (the diluted loss per share becoming less negative than basic loss per share). These securities are dilutive (the dilutive earnings per common share becoming less than basic earnings per common share) when calculating the dilutive earnings per common share for income from continuing operations, which is the control number when
determining the dilutive impact of securities in all loss per share calculations. Therefore, these securities are included in all diluted loss per common share calculations for the three months ended December 31, 2018. There were also 0.7 million convertible preferred shares and 0.1 million shares of restricted stock excluded from the computation of diluted loss per common share due to their antidilutive effect on all loss per share calculations for the three months ended December 31, 2018.

For the six months ended December 31, 2019, 1.6 million warrants, 0.7 million convertible preferred shares, and 0.1 million shares of restricted stock were excluded from the computation of diluted earnings per common share. These securities have an antidilutive effect on the earnings per common share calculation (the diluted earnings per share becoming less than the 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 six months ended December 31, 2019.

For the six months ended December 31, 2018, 1.6 million warrants, 0.3 million common stock equivalents, and 0.2 million options were included in the computation of dilutive loss per common share while being antidilutive due to the securities being dilutive when compared to the control number, income from continuing operations. There were also 0.7 million convertible preferred shares and 0.1 million shares of restricted stock that were excluded from the computation of dilutive loss per common share due to their antidilutive effect on all loss per share calculations for the six months ended December 31, 2018.

For the three months ended December 31, 2019 and 2018, antidilutive options excluded from the above calculations totaled 3.8 million (with a weighted average exercise price of $54.89) and 2.5 million (with a weighted average exercise price of $60.31), respectively. For the six months ended December 31, 2019 and 2018, antidilutive options excluded from the above calculations totaled 3.6 million (with a weighted average exercise price of $56.48) and 2.5 million (with a weighted average exercise price of $60.51), respectively.

In the six months ended December 31, 2019, a minimal amount of options were exercised to purchase common shares. In the six months ended December 31, 2018, 0.1 million options were exercised to purchase common shares.