Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Common Share Attributable to CBI

v3.20.4
Net Income (Loss) Per Common Share Attributable to CBI
 9 Months Ended
Nov. 30, 2020
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI
For the nine months and three months ended November 30, 2020, and for the three months ended November 30, 2019, 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 nine months and three months ended November 30, 2020, and for the three months ended November 30, 2019, 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. For the nine months ended November 30, 2019, net income (loss) per common share – diluted for Class A Common Stock and Class B Convertible Common Stock has been computed using the two-class method. The computation of basic and diluted net income (loss) per common share is as follows:
For the Nine Months Ended
November 30, 2020 November 30, 2019
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 $ 1,436.5  $ 178.6  $ (364.0) $ (46.2)
Conversion of Class B common shares into Class A common shares 178.6  —  —  — 
Effect of stock-based awards on allocated net income (loss) —  (1.2) —  — 
Net income (loss) attributable to CBI allocated – diluted $ 1,615.1  $ 177.4  $ (364.0) $ (46.2)
Weighted average common shares outstanding – basic 170.083  23.284  168.258  23.316 
Conversion of Class B common shares into Class A common shares (1)
23.284  —  —  — 
Stock-based awards, primarily stock options (1)
1.734  —  —  — 
Weighted average common shares outstanding – diluted 195.101  23.284  168.258  23.316 
Net income (loss) per common share attributable to CBI – basic $ 8.44  $ 7.67  $ (2.17) $ (1.98)
Net income (loss) per common share attributable to CBI – diluted $ 8.28  $ 7.62  $ (2.17) $ (1.98)
For the Three Months Ended
November 30, 2020 November 30, 2019
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 $ 1,139.5  $ 141.4  $ 320.1  $ 40.3 
Conversion of Class B common shares into Class A common shares 141.4  —  40.3  — 
Effect of stock-based awards on allocated net income (loss) —  (1.1) —  (0.4)
Net income (loss) attributable to CBI allocated – diluted $ 1,280.9  $ 140.3  $ 360.4  $ 39.9 
Weighted average common shares outstanding – basic 170.571  23.274  168.346  23.314 
Conversion of Class B common shares into Class A common shares 23.274  —  23.314  — 
Stock-based awards, primarily stock options 1.599  —  3.196  — 
Weighted average common shares outstanding – diluted 195.444  23.274  194.856  23.314 
Net income (loss) per common share attributable to CBI – basic $ 6.68  $ 6.07  $ 1.90  $ 1.73 
Net income (loss) per common share attributable to CBI – diluted $ 6.55  $ 6.03  $ 1.85  $ 1.71 
(1)
We have excluded the following weighted average common shares outstanding from the calculation of diluted net income (loss) per common share, as the effect of including these would have been anti-dilutive:
For the Nine Months Ended
November 30, 2019
(in millions)
Class B Convertible Common Stock 23.316 
Stock-based awards, primarily stock options 3.290