Core & Main, Inc.CNM

Core & Main, Inc. Earnings Per Share Disclosure

10-KFiled Mar 25, 20252 min read
BASIC AND DILUTED EARNINGS PER SHARE
The following table presents the calculation of basic and diluted earnings per share for fiscal 2024, fiscal 2023 and fiscal 2022.
Basic earnings per share is computed by dividing net income attributable to Core & Main by the weighted average number of shares of Class A common stock outstanding during the same period. Shares of Class A common stock issued during the period were weighted for the portion of the period in which the shares of Class A common stock were outstanding. The Company did not apply the two-class method because shares of Class B common stock do not participate in earnings of Core & Main. As a result, the shares of Class B common stock are not considered participating securities and are not included in the weighted average shares outstanding for purposes of basic earnings per share. Net income allocated to holders of non-controlling interests was excluded from net income available to the Class A common stock. There were no preferred dividends and no shares of preferred stock outstanding for the period.
The diluted net earnings per share calculation includes the basic weighted average number of shares of Class A common stock outstanding plus the dilutive impact of potential outstanding shares of Class A common stock that would be issued upon exchange of Partnership Interests, together with the retirement of a corresponding number of shares of Class B common stock, under the if-converted method, if dilutive. The treasury stock method is applied to outstanding awards, including unvested Partnership Interests and outstanding stock appreciation rights, restricted stock units and stock options.
Fiscal Years Ended
Basic earnings per share:February 2, 2025January 28, 2024January 29, 2023
Net income$434 $531 $581 
Net income attributable to non-controlling interests23 160 215 
Net income available to Class A common stock411 371 366 
Weighted average shares outstanding 191,617,275 172,839,836 169,482,199 
Net income per share$2.14 $2.15 $2.16 
Diluted earnings per share:
Net income available to common shareholders - basic$411 $371 $366 
Increase to net income attributable to dilutive instruments18 118 159 
Net income available to common shareholders - diluted429 489 525 
Weighted average shares outstanding - basic191,617,275 172,839,836 169,482,199 
Incremental shares of common stock attributable to
dilutive instruments
9,825,475 54,978,241 76,734,805 
Weighted average shares outstanding - diluted201,442,750 227,818,077 246,217,004 
Net income per share - diluted$2.13 $2.15 $2.13 
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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