Basic and Diluted Earnings Per Share

6 Months Ended

Jul. 28, 2024

BASIC AND DILUTED EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per share for the three and six months ended July 28, 2024 and July 30, 2023.

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 or redeemed 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 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.


	Three Months Ended				Six Months Ended
Basic earnings per share:	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Net income	$	126	$	164	$	227	$	297
Net income attributable to non-controlling interests	7		54		13		101
Net income available to Class A common stock	119		110		214		196
Weighted average shares outstanding	192,797,961		167,312,292		192,495,255		169,474,741
Net income per share	$	0.62	$	0.66	$	1.11	$	1.16
Diluted earnings per share:
Net income available to common shareholders - basic	$	119	$	110	$	214	$	196
Increase to net income attributable to dilutive instruments	5		40		10		75
Net income available to common shareholders - diluted	124		150		224		271
Weighted average shares outstanding - basic	192,797,961		167,312,292		192,495,255		169,474,741
Incremental shares of common stock attributable to dilutive instruments	9,869,393		61,670,989		10,145,738		66,901,176
Weighted average shares outstanding - diluted	202,667,354		228,983,281		202,640,993		236,375,917
Net income per share - diluted	$	0.61	$	0.66	$	1.11	$	1.15