Earnings Per Share (Notes)

12 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE

Prior to the Spin-off, basic earnings per share was based on the average number of shares of Old BellRing Class A Common Stock outstanding during the year. Diluted earnings per share was based on the average number of shares of Old BellRing Class A Common Stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and restricted stock units using the “treasury stock” method. In addition, “Net earnings available to common stockholders for diluted earnings per share” in the table below was adjusted for diluted net earnings per share of Old BellRing Class A Common Stock attributable to NCI, to the extent it was dilutive.

Subsequent to the Spin-off, basic earnings per share is based on the average number of shares of BellRing Common Stock outstanding during the year. Diluted earnings per share is based on the average number of shares of BellRing Common Stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and restricted stock units using the “treasury stock” method.

Prior to the Spin-off, the share of Old BellRing Class B Common Stock did not have economic rights, including rights to dividends or distributions upon liquidation, and was therefore not a participating security. Subsequent to the Spin-off, the share of Old BellRing Class B Common Stock was no longer outstanding. As such, separate presentation of basic and diluted earnings per share of Old BellRing Class B Common Stock under the two-class method has not been presented for any years.

The following table sets forth the computation of basic and diluted earnings per share.


	Year Ended September 30,
	2023		2022		2021
Net earnings available to common stockholders for basic earnings per share	$	165.5	$	82.3	$	27.6
Dilutive impact of net earnings attributable to NCI	—		—		0.2
Net earnings available to common stockholders for diluted earnings per share	$	165.5	$	82.3	$	27.8

shares in millions
Weighted-average shares for basic earnings per share	133.0		93.5		39.5
Effect of dilutive securities:
Stock options	0.1		0.1		—
Restricted stock units	0.3		0.2		0.2

Performance-based restricted stock units	0.7		—		—

Weighted-average shares for diluted earnings per share	134.1		93.8		39.7

Basic earnings per share of Common Stock	$	1.24	$	0.88	$	0.70
Diluted earnings per share of Common Stock	$	1.23	$	0.88	$	0.70

The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share as they were anti-dilutive.


	Year Ended September 30,
shares in millions	2023	2022	2021
Stock options	—	—	0.2
Restricted stock units	0.1	0.1	—
Performance-based restricted stock units	0.1	0.1	—