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Earnings Per Share | 3 Months Ended
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Jan. 31, 2017
Earnings Per Share [Abstract] |
Earnings Per Share | 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 Class A EPS | = | 40% * Average Class A Shares Outstanding | * | Undistributed Net Income | + | Class A Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Class A Shares
Diluted Class A EPS | = | 40% * Average Class A Shares Outstanding | * | Undistributed Net Income | + | Class A Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Diluted Class A Shares
Basic Class B EPS | = | 60% * Average Class B Shares Outstanding | * | Undistributed Net Income | + | Class B Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Class B Shares
| *Diluted Class B EPS calculation is identical to Basic Class B calculation
The following table provides EPS information for each period, respectively:
| Three Months Ended January 31,
| 2017 |  | 2016
Numerator for basic and diluted EPS |  |  |
Net income (loss) attributable to Greif, Inc. | $ | 5.4 |  |  | $ | (11.1 | )
Cash dividends | (24.5 | ) |  | (24.5 | )
Undistributed net income (loss) attributable to Greif, Inc. | $ | (19.1 | ) |  | $ | (35.6 | )
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 2016, the Stock Repurchase Committee authorized the Company to repurchase 110,241 shares of Class B Common Stock as part of the program and those shares were repurchased during 2016. There have been no other shares repurchased under this program from November 1, 2015 through January 31, 2017. As of January 31, 2017, the Company had repurchased 3,294,513 shares, including 1,425,452 shares of Class A Common Stock and 1,869,061 shares of Class B Common Stock. The following table summarizes the Company’s Class A and Class B common and treasury shares as of the specified dates:
| Authorized Shares |  | Issued Shares |  | Outstanding Shares |  | Treasury Shares
January 31, 2017 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 25,811,051 |  |  | 16,470,869 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 22,009,725 |  |  | 12,550,275 |
October 31, 2016 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 25,781,791 |  |  | 16,500,129 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 22,009,725 |  |  | 12,550,275 |
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:
| Three Months Ended January 31,
| 2017 |  | 2016
Class A Common Stock: |  |  |
Basic shares | 25,787,769 |  |  | 25,697,512 |
Assumed conversion of stock options | 4,672 |  |  | 6,511 |
Diluted shares | 25,792,441 |  |  | 25,704,023 |
Class B Common Stock: |  |  |
Basic and diluted shares | 22,009,725 |  |  | 22,119,966 |

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