NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI:
For the six months and three months ended August 31, 2016, and August 31, 2015, net income per common share – diluted for Class A Common Stock has been computed using the if-converted method and assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock as this method is more dilutive than the two-class method. For the six months and three months ended August 31, 2016, and August 31, 2015, net income per common share – diluted for Class B Convertible Common Stock has been computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock.
The computation of basic and diluted net income per common share is as follows:
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For the Six Months Ended |
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August 31, 2016 |
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August 31, 2015 |
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Common Stock |
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Common Stock |
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Class A |
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Class B |
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Class A |
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Class B |
(in millions, except per share data) |
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Net income attributable to CBI allocated – basic |
$ |
604.9 |
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$ |
72.3 |
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$ |
481.6 |
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$ |
59.4 |
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Conversion of Class B common shares into Class A common shares |
72.3 |
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— |
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59.4 |
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— |
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Effect of stock-based awards on allocated net income |
— |
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(1.4 |
) |
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— |
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(1.8 |
) |
Net income attributable to CBI allocated – diluted |
$ |
677.2 |
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$ |
70.9 |
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$ |
541.0 |
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$ |
57.6 |
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Weighted average common shares outstanding – basic |
177.001 |
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23.353 |
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171.805 |
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23.370 |
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Conversion of Class B common shares into Class A common shares |
23.353 |
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— |
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23.370 |
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— |
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Stock-based awards, primarily stock options |
5.154 |
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— |
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7.809 |
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— |
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Weighted average common shares outstanding – diluted |
205.508 |
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23.353 |
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202.984 |
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23.370 |
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Net income per common share attributable to CBI – basic |
$ |
3.42 |
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$ |
3.10 |
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$ |
2.80 |
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$ |
2.54 |
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Net income per common share attributable to CBI – diluted |
$ |
3.30 |
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$ |
3.04 |
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$ |
2.67 |
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$ |
2.47 |
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For the Three Months Ended |
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August 31, 2016 |
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August 31, 2015 |
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Common Stock |
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Common Stock |
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Class A |
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Class B |
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Class A |
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Class B |
Net income attributable to CBI allocated – basic |
$ |
320.7 |
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$ |
38.2 |
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$ |
269.3 |
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$ |
33.1 |
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Conversion of Class B common shares into Class A common shares |
38.2 |
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— |
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|
33.1 |
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— |
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Effect of stock-based awards on allocated net income |
— |
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(0.7 |
) |
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— |
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(1.0 |
) |
Net income attributable to CBI allocated – diluted |
$ |
358.9 |
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$ |
37.5 |
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$ |
302.4 |
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$ |
32.1 |
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Weighted average common shares outstanding – basic |
177.460 |
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23.353 |
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172.239 |
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|
23.364 |
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Conversion of Class B common shares into Class A common shares |
23.353 |
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— |
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23.364 |
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— |
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Stock-based awards, primarily stock options |
4.837 |
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— |
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7.507 |
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— |
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Weighted average common shares outstanding – diluted |
205.650 |
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23.353 |
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203.110 |
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23.364 |
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Net income per common share attributable to CBI – basic |
$ |
1.81 |
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$ |
1.64 |
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$ |
1.56 |
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$ |
1.42 |
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Net income per common share attributable to CBI – diluted |
$ |
1.75 |
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$ |
1.61 |
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$ |
1.49 |
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$ |
1.38 |
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