EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2024

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)	2024		2023		2024		2023
Numerator for basic and diluted EPS
Net income attributable to Greif, Inc.	$	44.4	$	111.2	$	111.6	$	201.1
Cash dividends	(30.0)		(29.0)		(59.7)		(57.9)
Undistributed earnings attributable to Greif, Inc.	$	14.4	$	82.2	$	51.9	$	143.2

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.

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, 2024
Class A Common Stock	128,000,000	42,281,920	25,808,005	16,473,915
Class B Common Stock	69,120,000	34,560,000	21,331,127	13,228,873

October 31, 2023
Class A Common Stock	128,000,000	42,281,920	25,474,254	16,807,666
Class B Common Stock	69,120,000	34,560,000	21,331,127	13,228,873

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,
	2024	2023	2024	2023
Class A Common Stock:
Basic shares	25,802,839	25,771,973	25,667,030	25,712,178
Assumed conversion of restricted shares	115,548	413,922	105,582	274,499
Diluted shares	25,918,387	26,185,895	25,772,612	25,986,677
Class B Common Stock:
Basic and diluted shares	21,331,127	21,495,741	21,331,127	21,608,671