Earnings (Loss) Per Share

9 Months Ended

Feb. 28, 2022

EARNINGS (LOSS) PER SHARE

The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted earnings (loss) per share computation for the periods indicated:


	Three months ended				Nine months ended
	February 28,				February 28,
	2022		2021		2022		2021
Net income (loss) attributable to Class A and Common Stockholders	$	(15.3)	$	(13.9)	$	28.6	$	(18.6)
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		34.6		34.3		34.6		34.3
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) *		—		—		1.0		—
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		34.6		34.3		35.6		34.3
Earnings (loss) per share of Class A Stock and Common Stock:
Basic	$	(0.44)	$	(0.41)	$	0.83	$	(0.54)
Diluted	$	(0.44)	$	(0.41)	$	0.80	$	(0.54)

* The Company experienced a net loss for the three month period ended February 28, 2022 and the three and nine month periods ended February 28, 2021 and therefore did not report any dilutive share impact.

Net income (loss) attributable to Class A and Common Stockholders excludes earnings of $0.2 for the nine month period ended February 28, 2022, for earnings attributable to participating restricted stock units. The Company experienced a loss for the three month period ended February 28, 2022 and the three and nine month periods ended February 28, 2021 and therefore did not allocate any loss to certain participating restricted stock units.

The following table sets forth options outstanding pursuant to stock-based compensation plans as of the dates indicated:


	February 28, 2022	February 28, 2021
Options outstanding pursuant to stock-based compensation plans (in millions)	4.6	5.1

There were 0.6 million of potentially anti-dilutive shares pursuant to stock-based compensation plans as of February 28, 2022.

A portion of the Company’s Restricted Stock Units ("RSUs"), which are granted to employees, participate in earnings through cumulative dividends. These dividends are payable and non-forfeitable to the employees upon vesting of the RSUs. Accordingly, the Company measures earnings per share based upon the lower of the Two-class method or the Treasury Stock method.

As of February 28, 2022, $47.7 remained available for future purchases of common shares under the repurchase authorization of the Board of Directors (the "Board") in effect on that date. See Note 12, Treasury Stock, for a more complete description of the Company’s share buy-back program.