Earnings per Common Share

9 Months Ended

Feb. 29, 2024

Note L – Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share attributable to controlling interest for the periods presented:


	Three Months Ended				Nine Months Ended
	February 29,		February 28,		February 29,		February 28,
(In millions, except per common share amounts)	2024		2023		2024		2023
Numerator (basic & diluted):
Net earnings attributable to controlling interest -
income available to common shareholders	$	49.0	$	5.4	$	101.5	$	19.8
Denominator:
Denominator for basic earnings per common share attributable to
controlling interest – weighted average common shares		49.3		49.3		49.3		49.3
Effect of dilutive securities		1.0		-		0.3		-
Denominator for diluted earnings per common share attributable to
controlling interest – adjusted weighted average common shares		50.3		49.3		49.6		49.3

Basic earnings per common share attributable to controlling interest	$	0.99	$	0.11	$	2.06	$	0.40
Diluted earnings per common share attributable to controlling interest	$	0.98	$	0.11	$	2.05	$	0.40

Anti-dilutive non-qualified stock options and restricted common share awards(1)		0.1		-		-		-

(1)

These non-qualified stock options and restricted common share awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Earnings per common share was calculated based on the weighted-average number of common shares outstanding. Earnings per diluted common share included the weighted-average effect of dilutive restricted common shares and non-qualified stock options on the weighed-average shares outstanding. Prior to the third quarter of fiscal 2024, earnings per common share was based on the 49.3 million Worthington Steel common shares distributed to the Former Parent's shareholders on December 1, 2023. The same number of common shares is being utilized for the calculation of basic and diluted earnings per common share for all periods presented prior to the Separation. After the Separation, actual outstanding common shares are used to calculate both basic and diluted weighted-average number of common shares outstanding.