| NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI For the six months and three months ended August 31, 2022, and for the six months ended August 31, 2021, net income (loss) per common share – diluted for Class A Stock and Class B Stock have been computed using the two-class method. For the three months ended August 31, 2021, net income (loss) per common share – diluted for Class A 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 Stock as this method is more dilutive than the two-class method. For the three months ended August 31, 2021, net income (loss) per common share – diluted for Class B Stock has been computed using the two-class method and does not assume conversion of Class B Stock into shares of Class A Stock.
The computation of basic and diluted net income (loss) per common share are as follows:
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For the Six Months Ended |
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August 31, 2022 |
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August 31, 2021 |
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Class A Stock |
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Class B Stock |
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Class A Stock |
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Class B Stock |
| (in millions, except per share data) |
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| Net income (loss) attributable to CBI allocated – basic |
$ |
(674.2) |
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$ |
(87.5) |
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$ |
(805.8) |
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$ |
(100.8) |
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| Conversion of Class B common shares into Class A common shares |
— |
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— |
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— |
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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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— |
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| Net income (loss) attributable to CBI allocated – diluted |
$ |
(674.2) |
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$ |
(87.5) |
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$ |
(805.8) |
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$ |
(100.8) |
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| Weighted average common shares outstanding – basic |
163.532 |
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23.206 |
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169.025 |
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23.234 |
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Conversion of Class B common shares into Class A common shares (1)
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— |
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— |
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— |
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— |
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Stock-based awards, primarily stock options (1)
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— |
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— |
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— |
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— |
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| Weighted average common shares outstanding – diluted |
163.532 |
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23.206 |
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169.025 |
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23.234 |
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Net income (loss) per common share attributable to CBI –
basic |
$ |
(4.13) |
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$ |
(3.77) |
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$ |
(4.77) |
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$ |
(4.34) |
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Net income (loss) per common share attributable to CBI –
diluted |
$ |
(4.13) |
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$ |
(3.77) |
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$ |
(4.77) |
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$ |
(4.34) |
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For the Three Months Ended |
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August 31, 2022 |
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August 31, 2021 |
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Class A Stock |
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Class B Stock |
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Class A Stock |
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Class B Stock |
| (in millions, except per share data) |
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| Net income (loss) attributable to CBI allocated – basic |
$ |
(1,018.2) |
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$ |
(133.0) |
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$ |
1.3 |
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$ |
0.2 |
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| Conversion of Class B common shares into Class A common shares |
— |
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— |
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0.2 |
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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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— |
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| Net income (loss) attributable to CBI allocated – diluted |
$ |
(1,018.2) |
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$ |
(133.0) |
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$ |
1.5 |
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$ |
0.2 |
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| Weighted average common shares outstanding – basic |
161.730 |
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23.206 |
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167.447 |
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23.222 |
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Conversion of Class B common shares into Class A common shares (1)
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— |
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— |
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23.222 |
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— |
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Stock-based awards, primarily stock options (1)
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— |
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— |
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1.861 |
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— |
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| Weighted average common shares outstanding – diluted |
161.730 |
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23.206 |
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192.530 |
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23.222 |
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| Net income (loss) per common share attributable to CBI – basic |
$ |
(6.30) |
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$ |
(5.73) |
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$ |
0.01 |
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$ |
0.01 |
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| Net income (loss) per common share attributable to CBI – diluted |
$ |
(6.30) |
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$ |
(5.73) |
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$ |
0.01 |
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$ |
0.01 |
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(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: |
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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(in millions) |
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Class B Stock |
23.206 |
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23.234 |
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23.206 |
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— |
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Stock-based awards, primarily stock options |
0.802 |
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1.936 |
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0.801 |
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— |
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