Net Income (Loss) Per Common Share Attributable to CBI

6 Months Ended

Aug. 31, 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 six months and three months ended August 31, 2020, 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, 2020, 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 six months and three months ended August 31, 2019, net income (loss) per common share – diluted for Class A Common Stock and Class B Convertible Common Stock have been computed using the two-class method. The computation of basic and diluted net income (loss) per common share is as follows:

	For the Six Months Ended
	August 31, 2020				August 31, 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	$	297.3	$	36.9	$	(684.1)	$	(86.5)
Conversion of Class B common shares into Class A common shares	36.9		—		—		—
Effect of stock-based awards on allocated net income (loss)	—		—		—		—
Net income (loss) attributable to CBI allocated – diluted	$	334.2	$	36.9	$	(684.1)	$	(86.5)
Weighted average common shares outstanding – basic	169.841		23.289		168.215		23.316
Conversion of Class B common shares into Class A common shares (1)	23.289		—		—		—
Stock-based awards, primarily stock options (1)	1.832		—		—		—
Weighted average common shares outstanding – diluted	194.962		23.289		168.215		23.316
Net income (loss) per common share attributable to CBI – basic	$	1.74	$	1.58	$	(4.08)	$	(3.71)
Net income (loss) per common share attributable to CBI – diluted	$	1.71	$	1.58	$	(4.08)	$	(3.71)

	For the Three Months Ended
	August 31, 2020				August 31, 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	$	455.5	$	56.6	$	(466.4)	$	(58.8)
Conversion of Class B common shares into Class A common shares	56.6		—		—		—
Effect of stock-based awards on allocated net income (loss)	—		(0.4)		—		—
Net income (loss) attributable to CBI allocated – diluted	$	512.1	$	56.2	$	(466.4)	$	(58.8)
Weighted average common shares outstanding – basic	170.078		23.284		168.310		23.316
Conversion of Class B common shares into Class A common shares (1)	23.284		—		—		—
Stock-based awards, primarily stock options (1)	1.780		—		—		—
Weighted average common shares outstanding – diluted	195.142		23.284		168.310		23.316
Net income (loss) per common share attributable to CBI – basic	$	2.68	$	2.43	$	(2.77)	$	(2.52)
Net income (loss) per common share attributable to CBI – diluted	$	2.62	$	2.42	$	(2.77)	$	(2.52)

(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 Six Months Ended	For the Three Months Ended
			August 31, 2019	August 31, 2019
		(in millions)
		Class B Convertible Common Stock	23.317	23.316
		Stock-based awards, primarily stock options	3.368	3.305