NET INCOME PER CLASS A COMMON SHARE (Tables)

9 Months Ended

Dec. 03, 2022

Schedule of Earnings Per Share, Basic and Diluted

The components of basic and diluted net income per Class A common share were as follows (in millions, except per share data):


	12 weeks ended				40 weeks ended
	December 3, 2022		December 4, 2021		December 3, 2022		December 4, 2021
Basic net income per Class A common share
Net income	$	375.5	$	424.5	$	1,202.4	$	1,164.5
Special Dividend on Convertible Preferred Stock	(252.2)		—		(252.2)		—
Accrued dividends on Convertible Preferred Stock	(14.2)		(27.2)		(38.3)		(90.9)
Earnings allocated to Convertible Preferred Stock	—		(34.2)		—		(155.4)
Net income allocated to Class A common stockholders - Basic	$	109.1	$	363.1	$	911.9	$	918.2

Weighted average Class A common shares outstanding - Basic (1)	534.6		466.0		525.4		465.4

Basic net income per Class A common share	$	0.20	$	0.78	$	1.74	$	1.97

Diluted net income per Class A common share
Net income allocated to Class A common stockholders - Basic	$	109.1	$	363.1	$	911.9	$	918.2

Accrued dividends on Convertible Preferred Stock	—		27.2		—		—
Earnings allocated to Convertible Preferred Stock	—		34.2		—		—
Net income allocated to Class A common stockholders - Diluted	$	109.1	$	424.5	$	911.9	$	918.2

Weighted average Class A common shares outstanding - Basic (1)	534.6		466.0		525.4		465.4
Dilutive effect of:
Restricted stock units and awards	4.0		6.6		4.4		5.8
Convertible Preferred Stock (2)	—		101.6		—		—
Weighted average Class A common shares outstanding - Diluted (3)	538.6		574.2		529.8		471.2

Diluted net income per Class A common share	$	0.20	$	0.74	$	1.72	$	1.95

(1) The number of Class A common shares remaining to be issued for the 12 and 40 weeks ended December 3, 2022 and December 4, 2021 were not material.

(2) Reflects the number of shares of Convertible Preferred Stock issued, if converted into common stock for the period outstanding. For the 12 and 40 weeks ended December 3, 2022 and the 40 weeks ended December 4, 2021, 37.6 million, 45.2 million and 101.6 million potential common shares outstanding related to Convertible Preferred Stock were antidilutive, respectively.

(3) There were 0.4 million and 0.1 million potential Class A common shares outstanding related to RSUs and RSAs that were antidilutive for the 12 and 40 weeks ended December 3, 2022, respectively. The number of potential Class A common shares outstanding related to RSUs and RSAs that were antidilutive for the 12 and 40 weeks ended December 4, 2021 were not material.