Net Income (Loss) Per Common Share Attributable to CBI

9 Months Ended

Nov. 30, 2021

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI

For the nine months ended November 30, 2021, 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. For the three months ended November 30, 2021, and for the nine months and three months ended November 30, 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 three months ended November 30, 2021, and for the nine months and three months ended November 30, 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. The computation of basic and diluted net income (loss) per common share is as follows:


	For the Nine Months Ended
	November 30, 2021				November 30, 2020
	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	$	(386.9)	$	(48.9)	$	1,436.5	$	178.6
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	$	(386.9)	$	(48.9)	$	1,615.1	$	177.4

Weighted average common shares outstanding – basic	167.692		23.230		170.083		23.284
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	167.692		23.230		195.101		23.284

Net income (loss) per common share attributable to CBI – basic	$	(2.31)	$	(2.10)	$	8.44	$	7.67
Net income (loss) per common share attributable to CBI – diluted	$	(2.31)	$	(2.10)	$	8.28	$	7.62

	For the Three Months Ended
	November 30, 2021				November 30, 2020
	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	$	417.4	$	53.4	$	1,139.5	$	141.4
Conversion of Class B common shares into Class A common shares	53.4		—		141.4		—
Effect of stock-based awards on allocated net income (loss)	—		(0.3)		—		(1.1)
Net income (loss) attributable to CBI allocated – diluted	$	470.8	$	53.1	$	1,280.9	$	140.3

Weighted average common shares outstanding – basic	164.999		23.222		170.571		23.274
Conversion of Class B common shares into Class A common shares	23.222		—		23.274		—
Stock-based awards, primarily stock options	1.718		—		1.599		—
Weighted average common shares outstanding – diluted	189.939		23.222		195.444		23.274

Net income (loss) per common share attributable to CBI – basic	$	2.53	$	2.30	$	6.68	$	6.07
Net income (loss) per common share attributable to CBI – diluted	$	2.48	$	2.29	$	6.55	$	6.03


(1)	For the nine months ended November 30, 2021, 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, in millions:

		Class B Convertible Common Stock	23.230
		Stock-based awards, primarily stock options	1.807