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	+	Class A Dividends Per Share
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	+	Class A Dividends Per Share
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	+	Class B Dividends Per Share

		* Diluted Class B EPS calculation is identical to Basic Class B calculation

The following table provides EPS information for each period, respectively:



	Year Ended October 31,
(in millions, except per share data)	2018		2017		2016
Numerator
Numerator for basic and diluted EPS –
Net income attributable to Greif	$	209.4	$	118.6	$	74.9
Cash dividends	100.0		98.6		98.7
Undistributed net income (loss) attributable to Greif, Inc.	$	109.4	$	20.0	$	(23.8	)
Denominator
Denominator for basic EPS –
Class A common stock	25.9		25.8		25.8
Class B common stock	22.0		22.0		22.1
Denominator for diluted EPS –
Class A common stock	26.0		25.8		25.8
Class B common stock	22.0		22.0		22.1
EPS Basic
Class A common stock	$	3.56	$	2.02	$	1.28
Class B common stock	$	5.33	$	3.02	$	1.90
EPS Diluted
Class A common stock	$	3.55	$	2.02	$	1.28
Class B common stock	$	5.33	$	3.02	$	1.90

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 October 31, 2018, the remaining amount of shares that may be repurchased under this authorization was 4,703,487. During 2017, the Stock Repurchase Committee authorized and the Company executed the repurchase of 2,000 shares of Class B Common Stock. There have been no other shares repurchased under this program from November 1, 2016 through October 31, 2018.

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, 2018:
Class A Common Stock	128,000,000	42,281,920	25,941,279	16,340,641
Class B Common Stock	69,120,000	34,560,000	22,007,725	12,552,275
October 31, 2017:
Class A Common Stock	128,000,000	42,281,920	25,835,281	16,446,639
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:



	Year Ended October 31,
	2018	2017	2016
Class A Common Stock:
Basic shares	25,915,887	25,820,470	25,755,545
Assumed conversion of stock options and unvested shares	49,969	2,470	1,348
Diluted shares	25,965,856	25,822,940	25,756,893
Class B Common Stock:
Basic and diluted shares	22,007,725	22,009,193	22,062,089

No stock options were antidilutive for the years ended October 31, 2018, 2017, or 2016.