| NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI
For the six months and three months ended August 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 six months and three months ended August 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 23,316,505 and 23,316,411 of Class B Convertible Common Stock and 3,367,943 and 3,304,955 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 six months and three months ended August 31, 2019, respectively, 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:
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For the Six Months Ended |
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August 31, 2019 |
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August 31, 2018 |
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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 (loss) attributable to CBI allocated – basic |
$ |
(684.1 |
) |
|
$ |
(86.5 |
) |
|
$ |
1,680.7 |
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|
$ |
212.6 |
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Conversion of Class B common shares into Class A common shares |
— |
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— |
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|
212.6 |
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|
— |
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Effect of stock-based awards on allocated net income (loss) |
— |
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— |
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— |
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|
(5.2 |
) |
Net income (loss) attributable to CBI allocated – diluted |
$ |
(684.1 |
) |
|
$ |
(86.5 |
) |
|
$ |
1,893.3 |
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|
$ |
207.4 |
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Weighted average common shares outstanding – basic |
168.215 |
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|
23.316 |
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|
167.617 |
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|
23.325 |
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Conversion of Class B common shares into Class A common shares |
— |
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|
— |
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|
23.325 |
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|
— |
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Stock-based awards, primarily stock options |
— |
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— |
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|
5.526 |
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— |
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Weighted average common shares outstanding – diluted |
168.215 |
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|
23.316 |
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|
196.468 |
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23.325 |
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Net income (loss) per common share attributable to CBI – basic |
$ |
(4.08 |
) |
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$ |
(3.71 |
) |
|
$ |
10.03 |
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|
$ |
9.11 |
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Net income (loss) per common share attributable to CBI – diluted |
$ |
(4.08 |
) |
|
$ |
(3.71 |
) |
|
$ |
9.64 |
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$ |
8.89 |
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For the Three Months Ended |
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August 31, 2019 |
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August 31, 2018 |
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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 (loss) attributable to CBI allocated – basic |
$ |
(466.4 |
) |
|
$ |
(58.8 |
) |
|
$ |
1,020.0 |
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$ |
129.5 |
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Conversion of Class B common shares into Class A common shares |
— |
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— |
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|
129.5 |
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— |
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Effect of stock-based awards on allocated net income (loss) |
— |
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— |
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— |
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(3.2 |
) |
Net income (loss) attributable to CBI allocated – diluted |
$ |
(466.4 |
) |
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$ |
(58.8 |
) |
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$ |
1,149.5 |
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$ |
126.3 |
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Weighted average common shares outstanding – basic |
168.310 |
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|
23.316 |
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|
167.172 |
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|
23.323 |
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Conversion of Class B common shares into Class A common shares |
— |
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— |
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|
23.323 |
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— |
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Stock-based awards, primarily stock options |
— |
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— |
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|
5.412 |
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— |
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Weighted average common shares outstanding – diluted |
168.310 |
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|
23.316 |
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|
195.907 |
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|
23.323 |
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Net income (loss) per common share attributable to CBI – basic |
$ |
(2.77 |
) |
|
$ |
(2.52 |
) |
|
$ |
6.11 |
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$ |
5.55 |
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Net income (loss) per common share attributable to CBI – diluted |
$ |
(2.77 |
) |
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$ |
(2.52 |
) |
|
$ |
5.87 |
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$ |
5.41 |
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