Basic and Diluted Earnings Per Share

12 Months Ended

Feb. 02, 2025

BASIC AND DILUTED EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per share for fiscal 2024, fiscal 2023 and fiscal 2022.

Basic earnings per share is computed by dividing net income attributable to Core & Main 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 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 basic 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.


	Fiscal Years Ended
Basic earnings per share:	February 2, 2025		January 28, 2024		January 29, 2023
Net income	$	434	$	531	$	581
Net income attributable to non-controlling interests	23		160		215
Net income available to Class A common stock	411		371		366
Weighted average shares outstanding	191,617,275		172,839,836		169,482,199
Net income per share	$	2.14	$	2.15	$	2.16
Diluted earnings per share:
Net income available to common shareholders - basic	$	411	$	371	$	366
Increase to net income attributable to dilutive instruments	18		118		159
Net income available to common shareholders - diluted	429		489		525
Weighted average shares outstanding - basic	191,617,275		172,839,836		169,482,199
Incremental shares of common stock attributable to dilutive instruments	9,825,475		54,978,241		76,734,805
Weighted average shares outstanding - diluted	201,442,750		227,818,077		246,217,004
Net income per share - diluted	$	2.13	$	2.15	$	2.13