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EARNINGS PER SHARE | 6 Months Ended
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Apr. 30, 2021
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 certificate 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 Outstanding
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 Outstanding
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 Outstanding
*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 April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator for basic and diluted EPS |  |  |  |  |  |  |
Net income attributable to Greif, Inc. | $ | 149.8 |  |  | $ | 11.4 |  |  | $ | 173.2 |  |  | $ | 43.7 |
Cash dividends | (26.3) |  |  | (26.1) |  |  | (52.2) |  |  | (52.0) |
Undistributed earnings attributable to Greif, Inc. | $ | 123.5 |  |  | $ | (14.7) |  |  | $ | 121.0 |  |  | $ | (8.3) |
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 Board of Directors has authorized the Company to repurchase shares of the Company's Class A Common Stock or Class B Common Stock or any combination of the foregoing. As of April 30, 2021, the remaining amount of shares that may be repurchased under this authorization was 4,703,487. There were no shares repurchased during the first six months of 2021 or fiscal year 2020. 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
April 30, 2021 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 26,550,924 |  |  | 15,730,996 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 22,007,725 |  |  | 12,552,275 |
October 31, 2020 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 26,441,986 |  |  | 15,839,934 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 22,007,725 |  |  | 12,552,275 |
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:
| Three Months Ended April 30, |  | Six Months Ended April 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Class A Common Stock: |  |  |  |  |  |  |
Basic shares | 26,544,197 |  |  | 26,386,439 |  |  | 26,500,134 |  |  | 26,323,691 |
Assumed conversion of restricted shares | 120,050 |  |  | — |  |  | 102,616 |  |  | — |
Diluted shares | 26,664,247 |  |  | 26,386,439 |  |  | 26,602,750 |  |  | 26,323,691 |
Class B Common Stock: |  |  |  |  |  |  |
Basic and diluted shares | 22,007,725 |  |  | 22,007,725 |  |  | 22,007,725 |  |  | 22,007,725 |

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