Basic and Diluted Earnings Per Share

3 Months Ended

May 01, 2022

BASIC AND DILUTED EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per share for the three months ended May 1, 2022.

Basic earnings per share is computed by dividing net income attributable to Core & Main for the period by the weighted average number of shares of Class A common stock outstanding during the same period. Shares of Class A common stock issued during the period were weighted for the portion of the period in which the shares of Class A common stock were outstanding. The Company did not apply the two-class method because shares of Class B common stock do not participate in earnings or losses of Core & Main. As a result, the shares of Class B common stock are not considered participating securities and are not included in the weighted average shares outstanding for purposes of earnings per share. Net income allocated to holders of non-controlling interests was excluded from net income available to the Class A common stock. There were no preferred dividends and no shares of preferred stock outstanding for the period.

The diluted net earnings per share calculation includes the basic weighted average number of shares of Class A common stock outstanding plus the dilutive impact of potential outstanding shares of Class A common stock that would be issued upon exchange of Partnership Interests, together with the retirement of a corresponding number of shares of Class B common stock, under the if-converted method, if dilutive. The treasury stock method is applied to outstanding awards, including unvested Partnership Interests and outstanding stock appreciation rights, restricted stock units and stock options.


Basic earnings per share:	Three Months Ended May 1, 2022
Net income	$	137
Net income attributable to non-controlling interests	51
Net income available to Class A common stock	86
Weighted average shares outstanding	167,536,662
Net income per share	$	0.51
Diluted earnings per share:
Net income available to common shareholders - basic	$	86
Increase to net income attributable to dilutive instruments	38
Net income available to common shareholders - diluted	124
Weighted average shares outstanding - basic	167,536,662
Incremental shares of common stock attributable to dilutive instruments	78,608,874
Weighted average shares outstanding - diluted	246,145,536
Net income per share - diluted	$	0.50