Note 9: Earnings Per Share

The components of basic and diluted earnings per share were as follows:

	Three months ended September 30,						Six months ended September 30,
	2017			2016			2017			2016
Net earnings (loss) attributable to Modine	$	15.9		$	(4.1	)	$	32.9		$	4.5
Less: Undistributed earnings attributable to unvested shares		(0.1	)		-			(0.3	)		(0.1	)
Net earnings (loss) available to Modine shareholders	$	15.8		$	(4.1	)	$	32.6		$	4.4

Weighted-average shares outstanding - basic		49.8			47.1			49.6			47.0
Effect of dilutive securities		0.9			-			0.8			0.3
Weighted-average shares outstanding - diluted		50.7			47.1			50.4			47.3

Earnings per share:
Net earnings (loss) per share - basic	$	0.32		$	(0.09	)	$	0.66		$	0.09
Net earnings (loss) per share - diluted	$	0.31		$	(0.09	)	$	0.65		$	0.09

For both the three and six months ended September 30, 2017, the calculation of diluted earnings per share excluded 0.3 million stock options because they were anti-dilutive. For both the three and six months ended September 30, 2016, the calculation of diluted earnings per share excluded 1.1 million stock options because they were anti-dilutive. For the three months ended September 30, 2016, the total number of potentially dilutive securities was 0.4 million. However, these securities were not included in the computation of diluted net loss per share since to do so would have decreased the loss per share.