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Earnings Per Share | 12 Months Ended
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Oct. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 15 – EARNINGS PER SHARE The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated in the same fashion as dividends would be distributed. Under the Company’s articles of incorporation, any distribution of dividends in any year must be made in proportion of one cent a share for Class A Common Stock to one and one-half cents a share for Class B Common Stock, which results in a 40% to 60% split to Class A and B shareholders, respectively. In accordance with this, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder is allocated assuming all of the earnings for the period have been distributed in the form of dividends. The Company calculates EPS as follows:
Basic |  | = |  | 40% * Average Class A Shares Outstanding |  | * |  | Undistributed Net Income |  | + |  | Class A Dividends Per Share
Class A EPS |  |  | 40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding |  |  | Average Class A Shares Outstanding |  |
Diluted |  | = |  | 40% * Average Class A Shares Outstanding |  | * |  | Undistributed Net Income |  | + |  | Class A Dividends Per Share
Class A EPS |  |  | 40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding |  |  | Average Diluted Class A Shares Outstanding |  |
Basic |  | = |  | 60% * Average Class B Shares Outstanding |  | * |  | Undistributed Net Income |  | + |  | Class B Dividends Per Share
Class B EPS |  |  | 40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding |  |  | Average Class B Shares Outstanding |  |
|  |  |  | * Diluted Class B EPS calculation is identical to Basic Class B calculation
The following table provides EPS information for each period, respectively:
(In millions except per share data) |  | 2015 |  |  | 2014 |  |  | 2013 |
Numerator |  |  |  |  |
Numerator for basic and diluted EPS – |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Greif |  | $ | 71.9 |  |  | $ | 91.5 |  |  | $ | 144.7 |
Cash dividends |  |  | 98.7 |  |  |  | 98.6 |  |  |  | 98.3 |
Undistributed net (loss) income attributable to Greif, Inc. |  | $ | (26.8 | ) |  | $ | (7.1 | ) |  | $ | 46.4 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic EPS – |  |  |  |  |  |  |  |  |  |  |  |
Class A common stock |  |  | 25.7 |  |  |  | 25.5 |  |  |  | 25.4 |
Class B common stock |  |  | 22.1 |  |  |  | 22.1 |  |  |  | 22.1 |
Denominator for diluted EPS – |  |  |  |  |  |  |  |  |  |  |  |
Class A common stock |  |  | 25.7 |  |  |  | 25.5 |  |  |  | 25.4 |
Class B common stock |  |  | 22.1 |  |  |  | 22.1 |  |  |  | 22.1 |
EPS Basic |  |  |  |  |  |  |  |  |  |  |  |
Class A common stock |  | $ | 1.23 |  |  | $ | 1.56 |  |  | $ | 2.47 |
Class B common stock |  | $ | 1.83 |  |  | $ | 2.33 |  |  | $ | 3.70 |
EPS Diluted |  |  |  |  |  |  |  |  |  |  |  |
Class A common stock |  | $ | 1.23 |  |  | $ | 1.56 |  |  | $ | 2.47 |
Class B common stock |  | $ | 1.83 |  |  | $ | 2.33 |  |  | $ | 3.70 |
The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. The Class B Common Stock has full voting rights. There is no cumulative voting for the election of directors. Common Stock Repurchases The Company’s Board of Directors has authorized the purchase of up to four million shares of Class A Common Stock or Class B Common Stock or any combination of the foregoing. During 2015, the Company repurchased no shares of Class A or Class B Common Stock. As of October 31, 2015, the Company had repurchased 3,184,272 shares, including 1,425,452 shares of Class A Common Stock and 1,758,820 shares of Class B Common Stock, under this program, all of which were repurchased in prior years. There were no shares repurchased from November 1, 2012 through October 31, 2015. The following table summarizes the Company’s Class A and Class B common and treasury shares at the specified dates:
|  | Authorized Shares |  |  | Issued Shares |  |  | Outstanding Shares |  |  | Treasury Shares |
October 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 128,000,000 |  |  |  | 42,281,920 |  |  |  | 25,693,564 |  |  |  | 16,588,356 |
Class B Common Stock |  |  | 69,120,000 |  |  |  | 34,560,000 |  |  |  | 22,119,966 |  |  |  | 12,440,034 |
October 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 128,000,000 |  |  |  | 42,281,920 |  |  |  | 25,603,452 |  |  |  | 16,678,468 |
Class B Common Stock |  |  | 69,120,000 |  |  |  | 34,560,000 |  |  |  | 22,119,966 |  |  |  | 12,440,034 |
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:
For the years ended October 31, |  | 2015 |  |  | 2014 |  |  | 2013 |
Class A Common Stock: |  |  |  |  |  |  |  |  |  |  |  |
Basic shares |  |  | 25,668,204 |  |  |  | 25,547,650 |  |  |  | 25,399,256 |
Assumed conversion of stock options |  |  | 5,901 |  |  |  | 5,336 |  |  |  | 23,066 |
Diluted shares |  |  | 25,674,105 |  |  |  | 25,552,986 |  |  |  | 25,422,322 |
Class B Common Stock: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted shares |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
No stock options were antidilutive for the years ended October 31, 2015, 2014, or 2013.

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