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Earnings (Loss) per Common Share | 9 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Earnings (Loss) per Common Share | Earnings (Loss) per Common Share The Company calculates basic and diluted (loss) earnings per share using the two class method. Under the two class method, (loss) earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The (loss) earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted (loss) earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three and nine months ended March 31, 2021, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive. The calculations of basic and diluted (loss) earnings per common share for the three and nine months ended March 31, 2021 and 2020 were as follows:
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
(in millions, except per share data) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Net (loss) income |  | $ | (40.5) |  |  | $ | 39.9 |  |  | $ | (172.5) |  |  | $ | 119.9 |  |  |  |  |
Less: dividends allocated to participating securities |  | (0.1) |  |  | (0.4) |  |  | (0.3) |  |  | (1.1) |  |  |  |  |
(Loss) earnings available for common stockholders used in calculation of basic (loss) earnings per common share |  | $ | (40.6) |  |  | $ | 39.5 |  |  | $ | (172.8) |  |  | $ | 118.8 |  |  |  |  |
Weighted average number of common shares outstanding, basic |  | 48.3 |  |  | 48.1 |  |  | 48.3 |  |  | 48.0 |  |  |  |  |
Basic (loss) earnings per common share |  | $ | (0.84) |  |  | $ | 0.82 |  |  | $ | (3.58) |  |  | $ | 2.47 |  |  |  |  |
Net (loss) income |  | $ | (40.5) |  |  | $ | 39.9 |  |  | $ | (172.5) |  |  | $ | 119.9 |  |  |  |  |
Less: dividends allocated to participating securities |  | (0.1) |  |  | (0.4) |  |  | (0.3) |  |  | (1.1) |  |  |  |  |
(Loss) earnings available for common stockholders used in calculation of diluted (loss) earnings per common share |  | $ | (40.6) |  |  | $ | 39.5 |  |  | $ | (172.8) |  |  | $ | 118.8 |  |  |  |  |
Weighted average number of common shares outstanding, basic |  | 48.3 |  |  | 48.1 |  |  | 48.3 |  |  | 48.0 |  |  |  |  |
Effect of shares issuable under share-based compensation plans |  | — |  |  | 0.2 |  |  | — |  |  | 0.4 |  |  |  |  |
Weighted average number of common shares outstanding, diluted |  | 48.3 |  |  | 48.3 |  |  | 48.3 |  |  | 48.4 |  |  |  |  |
Diluted (loss) earnings per common share |  | $ | (0.84) |  |  | $ | 0.82 |  |  | $ | (3.58) |  |  | $ | 2.46 |  |  |  |  |
The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive:
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Stock options |  | 1.9 |  |  | 2.0 |  |  | 2.1 |  |  | 0.9 |  |  |  |  |

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