Earnings (Loss) Per Share

12 Months Ended

May 31, 2022

EARNINGS (LOSS) PER SHARE

The following table summarizes the reconciliation of the numerators and denominators for the Basic and Diluted earnings (loss) per share computation for the fiscal years ended May 31:


	2022		2021		2020



Net income (loss) attributable to Class A and Common Shares	$	80.6	$	(11.0)	$	(43.8)
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		34.5		34.3		34.6
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)*		1.1		—		—
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		35.6		34.3		34.6

Earnings (loss) per share of Class A Stock and Common Stock
Basic earnings (loss) per share	$	2.33	$	(0.32)	$	(1.27)
Diluted earnings (loss) per share	$	2.27	$	(0.32)	$	(1.27)

*The Company experienced a net loss for the fiscal years ended May 31, 2021 and May 31, 2020 and therefore did not report any dilutive share impact.

Net income (loss) attributable to Class A and Common Shares excludes earnings of $0.3 for the fiscal year ended May 31, 2022, for earnings attributable to participating restricted stock units. The Company experienced a gain for the fiscal year ended May 31, 2022 and experienced a loss for the fiscal years ended May 31, 2021 and May 31, 2020 and therefore did not allocate any loss to the participating restricted stock units.

There were 1.6 million of potentially anti-dilutive shares outstanding pursuant to compensation plans as of May 31, 2022.

A portion of the Company’s restricted stock units which are granted to directors participate in earnings through cumulative dividends which are payable and non-forfeitable to the directors upon vesting of the restricted stock units. Accordingly, the Company measures earnings per share based upon the lower of the Two-class method or the Treasury Stock method.

The following table sets forth Options outstanding pursuant to stock-based compensation plans for the fiscal years ended May 31:


	2022	2021
Options outstanding pursuant to stock-based compensation plans (in millions)	4.6	5.0

As of May 31, 2022, $33.9 remains available for future purchases of common shares under the current repurchase authorization of the Board of Directors.

See Note 13, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.