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Earnings per share
 9 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings per share Earnings per share

Basic earnings per share is based on the average number of common shares outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of restricted stock equivalents, performance share awards and deferred compensation equity plans. Common shares issuable upon conversion of the Mandatory Convertible Preferred Stock (MCPS) are included in the calculation of diluted earnings per share using the if-converted method and are only included if the conversion would be further dilutive to the calculation.

The following table sets forth the computation of basic and diluted earnings per share for the quarter and nine months ended June 30, 2019 and 2018:
(in millions, except per share data)
For the Quarter Ended June 30,
 
For the Nine Months Ended June 30,
Basic earnings per share
2019
 
2018
 
2019
 
2018
Net earnings from continuing operations
$
9.2

 
$
23.8

 
$
17.7

 
$
92.0

Mandatory preferred stock dividends
(4.4
)
 
—

 
(7.7
)
 
—

Net earnings from continuing operations attributable to common shareholders
4.8


23.8


10.0


92.0

Net loss from discontinued operations, net of tax
(1.8
)
 
—

 
(12.8
)
 
—

Net earnings/(loss) attributable to common shareholders
$
3.0


$
23.8


$
(2.8
)

$
92.0

 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
69.6

 
59.7

 
65.5

 
59.9

 
 
 
 
 
 
 
 
Basic net earnings per common share from continuing operations
$
0.07

 
$
0.40

 
$
0.15

 
$
1.54

Basic net loss per common share from discontinued operations
(0.03
)
 
—

 
(0.19
)
 
—

Basic net earnings/(loss) per common share
$
0.04

 
$
0.40

 
$
(0.04
)
 
$
1.54

 
 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
 
 
Net earnings/(loss) attributable to common shareholders
$
3.0

 
$
23.8

 
$
(2.8
)
 
$
92.0

 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
69.6

 
59.7

 
65.5

 
59.9

Dilutive effect of restricted stock equivalents
0.3

 
0.5

 
0.3

 
0.4

Dilutive effect of performance shares
0.5

 
1.0

 
0.5

 
0.9

Dilutive effect of stock based deferred compensation plan
0.2

 
0.2

 
0.2

 
0.2

Weighted average common shares outstanding - diluted
70.6

 
61.4

 
66.5

 
61.4

 
 
 
 
 
 
 
 
Diluted net earnings per common share from continuing operations
$
0.07

 
$
0.39

 
$
0.15

 
$
1.50

Diluted net loss per common share from discontinued operations
(0.03
)
 
—

 
(0.19
)
 
—

Diluted net earnings/(loss) per common share
$
0.04

 
$
0.39

 
$
(0.04
)
 
$
1.50



For the quarter and nine months ended June 30, 2019, 0.1 million restricted stock equivalents were anti-dilutive and not included in the diluted net earnings per share calculation. For the quarter and nine months ended June 30, 2018, all restricted stock equivalents were dilutive and included in the diluted net earnings per share calculations.

The Company's MCPS were considered anti-dilutive for all periods and excluded for the calculations of diluted earnings per share.

Performance based restricted stock equivalents of 0.8 were excluded for both the quarter and nine months ended June 30, 2019 and 0.5 were excluded for both the quarter and nine months ended June 30, 2018, respectively, as the performance targets for those shares had not been achieved as of the end of the applicable period.