| Reconciliation of Numerator and Denominator for Basic and Diluted (Loss) Earnings Per Share Calculation |
Set forth below is a reconciliation of the numerator and denominator for basic and diluted (loss) earnings per share calculation for the periods indicated:
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Three Months Ended
March 31, |
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Six Months Ended
March 31, |
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2026 |
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2025 |
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2026 |
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2025 |
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Basic earnings (loss) per common share |
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Numerator: |
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Net income (loss) |
$ |
1.7 |
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$ |
6.4 |
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$ |
(13.5 |
) |
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$ |
(4.0 |
) |
Less: Dividends on Series A convertible preferred shares |
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(8.8 |
) |
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(8.8 |
) |
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(17.9 |
) |
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(17.8 |
) |
Less: Earnings allocated to Convertible Preferred Shares |
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— |
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— |
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— |
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— |
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Net loss available to common shareholders |
$ |
(7.1 |
) |
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$ |
(2.4 |
) |
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$ |
(31.4 |
) |
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$ |
(21.8 |
) |
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Denominator: |
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Weighted average number of common shares outstanding – basic |
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93,982,000 |
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95,516,000 |
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94,331,000 |
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95,339,000 |
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Basic loss per share |
$ |
(0.08 |
) |
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$ |
(0.03 |
) |
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$ |
(0.33 |
) |
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$ |
(0.23 |
) |
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Diluted earnings (loss) per common share |
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Numerator: |
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Net loss available to common shareholders – diluted |
$ |
(7.1 |
) |
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$ |
(2.4 |
) |
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$ |
(31.4 |
) |
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$ |
(21.8 |
) |
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Denominator: |
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Weighted average number of common shares outstanding – basic |
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93,982,000 |
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95,516,000 |
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94,331,000 |
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95,339,000 |
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Dilutive effect of: |
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Stock compensation awards |
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— |
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— |
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— |
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— |
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Series A convertible preferred stock |
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— |
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— |
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— |
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— |
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Weighted average number of common shares outstanding – diluted |
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93,982,000 |
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95,516,000 |
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94,331,000 |
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95,339,000 |
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Diluted loss per share |
$ |
(0.08 |
) |
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$ |
(0.03 |
) |
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$ |
(0.33 |
) |
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$ |
(0.23 |
) |
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Other Information: |
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Weighted average number of anti-dilutive Series A convertible preferred shares, options and restricted stock(a) |
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58,775,000 |
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59,709,000 |
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57,697,000 |
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59,607,000 |
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(a)Weighted average number of anti-dilutive options is based upon the average closing price of the Company’s common stock on the NYSE for the period.
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