Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Common Share Attributable to CBI

v3.19.2
Net Income (Loss) Per Common Share Attributable to CBI
 3 Months Ended
May 31, 2019
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI

For the three months ended May 31, 2018, net income (loss) 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 three months ended May 31, 2018, net income (loss) 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.

We have excluded 23,316,600 of Class B Convertible Common Stock and 3,433,414 of shares issuable under the assumed exercise of stock options using the treasury stock method from the calculation of diluted net income (loss) per share for the three months ended May 31, 2019, as the effect of including these would have been anti-dilutive.

The computation of basic and diluted net income (loss) per common share is as follows:
 
For the Three Months Ended
 
May 31, 2019
 
May 31, 2018
 
Common Stock
 
Common Stock
 
Class A
 
Class B
 
Class A
 
Class B
(in millions, except per share data)
 
 
 
 
 
 
 
Net income (loss) attributable to CBI allocated – basic
$
(217.7
)
 
$
(27.7
)
 
$
660.6

 
$
83.2

Conversion of Class B common shares into Class A common shares
—

 
—

 
83.2

 
—

Effect of stock-based awards on allocated net income (loss)
—

 
—

 
—

 
(1.9
)
Net income (loss) attributable to CBI allocated – diluted
$
(217.7
)
 
$
(27.7
)
 
$
743.8

 
$
81.3

 
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
168.118

 
23.317

 
168.063

 
23.326

Conversion of Class B common shares into Class A common shares
—

 
—

 
23.326

 
—

Stock-based awards, primarily stock options
—

 
—

 
5.671

 
—

Weighted average common shares outstanding – diluted
168.118

 
23.317

 
197.060

 
23.326

 
 
 
 
 
 
 
 
Net income (loss) per common share attributable to CBI – basic
$
(1.30
)
 
$
(1.19
)
 
$
3.93

 
$
3.57

Net income (loss) per common share attributable to CBI – diluted
$
(1.30
)
 
$
(1.19
)
 
$
3.77

 
$
3.48