Note 8 - Earnings (Loss) Per Share

3 Months Ended

Aug. 28, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

8. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect.

The following table reconciles the income (loss) and average share amounts used to compute both basic and diluted earnings (loss) per share:

	Thirteen Weeks Ended
	August 28, 2022			August 29, 2021
Net income (loss) attributable to Conagra Brands, Inc. common stockholders:	$	(77.5	)	$	235.4
Weighted average shares outstanding:
Basic weighted average shares outstanding		480.6			480.4
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		—			1.9
Diluted weighted average shares outstanding		480.6			482.3

For the first quarter of fiscal 2023, all dilutive stock options, restricted stock unit awards, and other dilutive securities outstanding of 1.7 million shares were excluded from the computation of shares contingently issuable upon exercise, as we recognized a net loss. For the first quarter of fiscal 2022, there were 0.5 million stock options outstanding that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.