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Earnings Per Common Share
 6 Months Ended
Nov. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share

Note 11 – 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

 

 

Six Months Ended

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

(In millions, except per common share amounts)

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator (basic & diluted):

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to controlling interest –

 

 

 

 

 

 

 

 

 

 

 

income (loss) available to common shareholders

$

12.8

 

 

$

(6.0

)

 

$

41.2

 

 

$

52.5

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share attributable to

 

 

 

 

 

 

 

 

 

 

 

controlling interest – weighted average common shares

 

49.5

 

 

 

49.3

 

 

 

49.4

 

 

 

49.3

 

Effect of dilutive securities

 

1.1

 

 

 

-

 

 

 

1.1

 

 

 

-

 

Diluted earnings (loss) per common share attributable to

 

 

 

 

 

 

 

 

 

 

 

controlling interest – adjusted weighted average common shares

 

50.6

 

 

 

49.3

 

 

 

50.5

 

 

 

49.3

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share attributable to controlling interest

$

0.26

 

 

$

(0.12

)

 

$

0.83

 

 

$

1.07

 

Diluted earnings (loss) per common share attributable to controlling interest

$

0.25

 

 

$

(0.12

)

 

$

0.82

 

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

0.1

 

 

 

-

 

 

 

0.2

 

 

 

-

 

 

 
(1)
These non-qualified stock options and restricted common share awards were excluded from the calculation of diluted earnings per common 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 weighted-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.