Earnings Per Share

9 Months Ended

Dec. 31, 2022

Note 9: Earnings Per Share

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

	Three months ended December 31,				Nine months ended December 31,
	2022		2021		2022		2021
Net earnings attributable to Modine	$	24.5	$	74.1	$	63.2	$	76.8

Weighted-average shares outstanding – basic		52.3		52.0		52.2		51.9
Effect of dilutive securities		0.6		0.4		0.5		0.6
Weighted-average shares outstanding – diluted		52.9		52.4		52.7		52.5

Earnings per share:
Net earnings per share – basic	$	0.47	$	1.42	$	1.21	$	1.48
Net earnings per share – diluted	$	0.46	$	1.41	$	1.20	$	1.46

For the three and nine months ended December 31, 2022, the calculation of diluted earnings per share excluded 0.1 million and 0.6 million stock options, respectively, because they were anti-dilutive. In addition, the calculation for the three and nine months ended December 31, 2022 excluded less than 0.1 million and 0.2 million restricted stock awards, respectively, because they were anti-dilutive.

For both the three and nine months ended December 31, 2021, the calculation of diluted earnings per share excluded 0.6 million and 0.2 million stock options and restricted stock awards, respectively, because they were anti-dilutive.