Note B: Basic and Diluted Earnings Per Share



Basic and diluted earnings per share were calculated as follows:







Weighted-average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.



For the three months ended November 30, 2016 and 2015,  0.1 million and 0.4 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.  For the six months ended November 30, 2016 and 2015, 1.4 million and 1.1 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.



The Company currently maintains two stock repurchase programs: the first authorized in May 2014 and expiring May 31, 2017 (the “May 2014 plan”), the second authorized in July 2016 and expiring May 31, 2019 (the “July 2016 plan”).  Under each program, the Board of Directors has approved the repurchase of up to $350.0 million of the Company's common stock. The purpose of both programs is to manage common stock dilution.  During the three and six months ended November 30, 2016, the Company repurchased  2.9 million shares for $166.2 million.  No shares were repurchased during the three months ended August 31, 2016.   Of the shares repurchased during the six months ended November 30, 2016, $59.7 million were repurchased under the May 2014 plan and $106.5 million under the July 2016 plan.  During the three months ended November 30, 2015, no shares were repurchased.    During the six months ended November 30, 2015, the Company repurchased 1.3 million shares for $62.9 million under the May 2014 plan.  Shares repurchased were retired.  As of November 30, 2016, all amounts authorized under the May 2014 plan have been used.