EARNINGS PER SHARE

12 Months Ended

Oct. 31, 2021

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 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:


	Year Ended October 31,
(in millions, except per share data)	2021		2020		2019
Numerator
Numerator for basic and diluted EPS –
Net income attributable to Greif	$	390.7	$	108.8	$	171.0
Cash dividends	(105.8)		(104.3)		(104.0)
Undistributed net income attributable to Greif, Inc.	$	284.9	$	4.5	$	67.0
Denominator
Denominator for basic EPS –
Class A common stock	26.5		26.4		26.2
Class B common stock	22.0		22.0		22.0
Denominator for diluted EPS –
Class A common stock	26.7		26.4		26.2
Class B common stock	22.0		22.0		22.0
EPS Basic
Class A common stock	$	6.57	$	1.83	$	2.89
Class B common stock	$	9.84	$	2.74	$	4.33
EPS Diluted
Class A common stock	$	6.54	$	1.83	$	2.89
Class B common stock	$	9.84	$	2.74	$	4.33

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, 2021 and 2020, the remaining number of shares that may be repurchased under this authorization were 4,703,487 and 4,703,487, respectively. There were no shares repurchased during 2021 and 2020.

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, 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:


	Year Ended October 31,
	2021	2020	2019
Class A Common Stock:
Basic shares	26,525,529	26,382,838	26,189,445
Assumed conversion of stock options and unvested shares	133,692	7,805	25,666
Diluted shares	26,659,221	26,390,643	26,215,111
Class B Common Stock:
Basic and diluted shares	22,007,725	22,007,725	22,007,725

No stock options were antidilutive for the years ended October 31, 2021, 2020, or 2019.