Net Income (Loss) Per Common Share Attributable to CBI

6 Months Ended

Aug. 31, 2022

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:


	For the Six Months Ended
	August 31, 2022				August 31, 2021
	Class A Stock		Class B Stock		Class A Stock		Class B Stock
(in millions, except per share data)
Net income (loss) attributable to CBI allocated – basic	$	(674.2)	$	(87.5)	$	(805.8)	$	(100.8)
Conversion of Class B common shares into Class A common shares	—		—		—		—
Effect of stock-based awards on allocated net income (loss)	—		—		—		—
Net income (loss) attributable to CBI allocated – diluted	$	(674.2)	$	(87.5)	$	(805.8)	$	(100.8)

Weighted average common shares outstanding – basic	163.532		23.206		169.025		23.234
Conversion of Class B common shares into Class A common shares (1)	—		—		—		—
Stock-based awards, primarily stock options (1)	—		—		—		—
Weighted average common shares outstanding – diluted	163.532		23.206		169.025		23.234

Net income (loss) per common share attributable to CBI – basic	$	(4.13)	$	(3.77)	$	(4.77)	$	(4.34)
Net income (loss) per common share attributable to CBI – diluted	$	(4.13)	$	(3.77)	$	(4.77)	$	(4.34)

	For the Three Months Ended
	August 31, 2022				August 31, 2021
	Class A Stock		Class B Stock		Class A Stock		Class B Stock
(in millions, except per share data)
Net income (loss) attributable to CBI allocated – basic	$	(1,018.2)	$	(133.0)	$	1.3	$	0.2
Conversion of Class B common shares into Class A common shares	—		—		0.2		—
Effect of stock-based awards on allocated net income (loss)	—		—		—		—
Net income (loss) attributable to CBI allocated – diluted	$	(1,018.2)	$	(133.0)	$	1.5	$	0.2

Weighted average common shares outstanding – basic	161.730		23.206		167.447		23.222
Conversion of Class B common shares into Class A common shares (1)	—		—		23.222		—
Stock-based awards, primarily stock options (1)	—		—		1.861		—
Weighted average common shares outstanding – diluted	161.730		23.206		192.530		23.222

Net income (loss) per common share attributable to CBI – basic	$	(6.30)	$	(5.73)	$	0.01	$	0.01
Net income (loss) per common share attributable to CBI – diluted	$	(6.30)	$	(5.73)	$	0.01	$	0.01


(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 August 31,		For the Three Months Ended August 31,
			2022	2021	2022	2021
		(in millions)
		Class B Stock	23.206	23.234	23.206	—
		Stock-based awards, primarily stock options	0.802	1.936	0.801	—