| 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
June 30, |
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Nine Months Ended
June 30, |
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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) |
$ |
6.1 |
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$ |
32.3 |
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$ |
(7.4 |
) |
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$ |
28.3 |
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Less: Dividends on Series A convertible preferred shares |
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(8.9 |
) |
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(8.9 |
) |
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(26.8 |
) |
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(26.8 |
) |
Less: Earnings allocated to Convertible Preferred Shares |
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— |
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(8.5 |
) |
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— |
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(0.5 |
) |
Net (loss) income available to common shareholders |
$ |
(2.8 |
) |
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$ |
14.9 |
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$ |
(34.2 |
) |
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$ |
1.0 |
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Denominator: |
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Weighted average number of common shares outstanding – basic |
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93,092,000 |
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95,228,000 |
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93,918,000 |
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95,302,000 |
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Basic (loss) income per share |
$ |
(0.03 |
) |
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$ |
0.16 |
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$ |
(0.36 |
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$ |
0.01 |
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Diluted earnings (loss) per common share |
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Numerator: |
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Net (loss) income available to common shareholders – diluted |
$ |
(2.8 |
) |
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$ |
14.9 |
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$ |
(34.2 |
) |
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$ |
1.0 |
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Denominator: |
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Weighted average number of common shares outstanding – basic |
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93,092,000 |
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95,228,000 |
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93,918,000 |
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95,302,000 |
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Dilutive effect of: |
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Stock compensation awards |
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— |
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2,516,000 |
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— |
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839,000 |
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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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93,092,000 |
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97,744,000 |
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93,918,000 |
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96,141,000 |
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Diluted (loss) income per share |
$ |
(0.03 |
) |
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$ |
0.15 |
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$ |
(0.36 |
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$ |
0.01 |
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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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58,599,000 |
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54,921,000 |
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58,736,000 |
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58,045,000 |
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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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