Net Income (Loss) Per Common Share Attributable to CBI

6 Months Ended

Aug. 31, 2023

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CBI

For the six months and three months ended August 31, 2023, net income (loss) per common share – basic for Class A Stock has been computed based on the weighted average shares of common stock outstanding during the period. Net income (loss) per common share – diluted for Class A Stock reflects the weighted average shares of common stock plus the effect of dilutive securities outstanding during the period using the treasury stock method. The effect of dilutive securities includes the impact of outstanding stock-based awards. The dilutive computation does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on the net income (loss) per common share attributable to CBI. The computation of basic and diluted net income (loss) per common share for Class A Stock are as follows:


	For the Six Months Ended August 31, 2023		For the Three Months Ended August 31, 2023
(in millions, except per share data)
Net income (loss) attributable to CBI	$	825.9	$	690.0

Weighted average common shares outstanding – basic	183.384		183.498
Stock-based awards, primarily stock options	0.690		0.779
Weighted average common shares outstanding – diluted	184.074		184.277

Net income (loss) per common share attributable to CBI – basic	$	4.50	$	3.76
Net income (loss) per common share attributable to CBI – diluted	$	4.49	$	3.74

For the six months and three months ended August 31, 2022, net income (loss) per common share – diluted for Class A Stock and Class B Stock has been computed using the two-class method. The computation of basic and diluted net income (loss) per common share are as follows:


	For the Six Months Ended August 31, 2022				For the Three Months Ended August 31, 2022
	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)	$	(1,018.2)	$	(133.0)
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)	$	(1,018.2)	$	(133.0)

Weighted average common shares outstanding – basic	163.532		23.206		161.730		23.206
Conversion of Class B common shares into Class A common shares	—		—		—		—
Stock-based awards, primarily stock options (1)	—		—		—		—
Weighted average common shares outstanding – diluted	163.532		23.206		161.730		23.206

Net income (loss) per common share attributable to CBI – basic	$	(4.13)	$	(3.77)	$	(6.30)	$	(5.73)
Net income (loss) per common share attributable to CBI – diluted	$	(4.13)	$	(3.77)	$	(6.30)	$	(5.73)


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