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EARNINGS PER SHARE | 6 Months Ended
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Apr. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHAREThe 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) | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator for basic and diluted EPS |  |  |  |  |  |  |
Net income attributable to Greif, Inc. | $ | 111.2 |  |  | $ | 125.1 |  |  | $ | 201.1 |  |  | $ | 135.4 |
Cash dividends | (29.0) |  |  | (27.4) |  |  | (57.9) |  |  | (54.6) |
Undistributed earnings attributable to Greif, Inc. | $ | 82.2 |  |  | $ | 97.7 |  |  | $ | 143.2 |  |  | $ | 80.8 |
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 In June 2022, the Stock Repurchase Committee of the Company’s Board of Directors authorized a program to repurchase up to $150.0 million of shares of the Company’s Class A or Class B Common Stock or any combination thereof. On June 23, 2022, the Company entered into a $75.0 million accelerated share repurchase agreement (“ASR”) with Bank of America, N.A. for the repurchase of shares of the Company’s Class A Common Stock. In addition, at that time the Company initiated a plan to repurchase an aggregate of $75.0 million of shares of its Class A or Class B Common Stock, or any combination thereof, in open market purchases (“OSR program”). The OSR program was completed on May 26, 2023. Under the ASR, on June 24, 2022, the Company made a payment of $75.0 million and received an initial delivery of approximately 80% of the expected share repurchases, or 1,021,451 shares of Class A Common Stock. On February 28, 2023, the Company received the remaining 94,259 shares of Class A Common Stock. The Company began making repurchases of Class B Common Stock under the OSR program on September 9, 2022 and repurchases of Class A Common Stock under the OSR program on March 16, 2023 in accordance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934. As of April 30, 2023, $25.0 million of shares of Class A Common Stock, or 406,343 shares, and $45.7 million of shares of Class B Common Stock, or 619,804 shares, had been repurchased under the OSR program. Subsequent to the quarter, during May 2023, the Company purchased $4.3 million of shares of Class B Common Stock, or 56,794 shares, which completed the OSR program. The following table summarizes the shares of the Company’s Class A and Class B Common Stock as of the specified dates:
| Authorized Shares |  | Issued Shares |  | Outstanding Shares |  | Treasury Shares
April 30, 2023 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 25,473,248 |  |  | 16,808,672 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 21,387,921 |  |  | 13,172,079 |
October 31, 2022 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 25,606,287 |  |  | 16,675,633 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 21,836,745 |  |  | 12,723,255 |
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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Class A Common Stock: |  |  |  |  |  |  |
Basic shares | 25,771,973 |  |  | 26,618,116 |  |  | 25,712,178 |  |  | 26,596,024 |
Assumed conversion of restricted shares | 413,922 |  |  | 194,898 |  |  | 274,499 |  |  | 180,522 |
Diluted shares | 26,185,895 |  |  | 26,813,014 |  |  | 25,986,677 |  |  | 26,776,546 |
Class B Common Stock: |  |  |  |  |  |  |
Basic and diluted shares | 21,495,741 |  |  | 22,007,725 |  |  | 21,608,671 |  |  | 22,007,725 |

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