EARNINGS PER SHARE
 6 Months Ended
Apr. 30, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
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 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)
2019
 
2018
 
2019
 
2018
Numerator for basic and diluted EPS
 
 
 
 
 
 
 
Net income attributable to Greif, Inc.
$
13.6

 
$
45.1

 
$
43.3

 
$
101.6

Cash dividends
(26.1
)
 
(24.8
)
 
(51.8
)
 
(49.3
)
Undistributed net income (loss) attributable to Greif, Inc.
$
(12.5
)
 
$
20.3

 
$
(8.5
)
 
$
52.3


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 April 30, 2019, the remaining amount of shares that may be repurchased under this authorization was 4,703,487. There have been no shares repurchased under this program from November 1, 2018 through April 30, 2019.
The following table summarizes the Company’s Class A and Class B common and treasury shares as of the specified dates:
 
Authorized
Shares
 
Issued
Shares
 
Outstanding
Shares
 
Treasury
Shares
April 30, 2019
 
 
 
 
 
 
 
Class A Common Stock
128,000,000

 
42,281,920

 
26,257,943

 
16,023,977

Class B Common Stock
69,120,000

 
34,560,000

 
22,007,725

 
12,552,275

 
 
 
 
 
 
 
 
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


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,
 
2019
 
2018
 
2019
 
2018
Class A Common Stock:
 
 
 
 
 
 
 
Basic shares
26,250,460

 
25,934,680

 
26,120,946

 
25,890,495

Assumed conversion of restricted shares
4,652

 
—

 
1,134

 
—

Diluted shares
26,255,112

 
25,934,680

 
26,122,080

 
25,890,495

Class B Common Stock:
 
 
 
 
 
 
 
Basic and diluted shares
22,007,725

 
22,007,725

 
22,007,725

 
22,007,725