Earnings (Loss) per Common Share (Tables)

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted

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

Years ended June 30,	2021		2020		2019
(In millions except per share data)
Net earnings (loss)	$	306.6	$	(234.3)	$	46.3
Participating warrants dividend	—		(2.8)		(3.6)
Series A preferred stock dividend	—		(56.5)		(55.9)
Accretion of Series A preferred stock	—		(18.2)		(17.6)
Loss on redemption of Series A preferred stock	—		(163.6)		—
Other securities dividends	—		(0.6)		(1.2)
Undistributed earnings allocated to participating securities	(15.2)		—		—
Basic earnings (loss) attributable to common shareholders	$	291.4	$	(476.0)	$	(32.0)
Basic weighted average common shares outstanding	46.2		45.7		45.3
Basic earnings (loss) per common share	$	6.31	$	(10.41)	$	(0.71)

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.

Years ended June 30,	2021		2020		2019
(In millions except per share data)
Basic weighted average common shares outstanding	46.2		45.7		45.3
Dilutive effect of stock options and equivalents	0.3		—		0.2
Diluted weighted average common shares outstanding	46.5		45.7		45.5
Diluted earnings (loss) attributable to common shareholders	$	291.4	$	(476.0)	$	(32.0)
Diluted earnings (loss) per common share	6.27		(10.41)		(0.70)