Paychex, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

12 Months Ended

May 31, 2012

Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Data (Unaudited)

Note O — Quarterly Financial Data (Unaudited)

In millions, except per share amounts


	Three Months Ended
Fiscal 2012	August 31		November 30		February 29		May 31		Full Year
Service revenue		552.0		535.0	$	558.5	$	540.7	$	2,186.2
Interest on funds held for clients		11.1		10.7		11.0		10.8		43.6

Total revenue		563.1		545.7		569.5		551.5		2,229.8

Operating income		229.7		217.9		210.4		195.9		853.9
Investment income, net		1.5		1.5		1.6		1.8		6.4

Income before income taxes		231.2		219.4		212.0		197.7		860.3
Income taxes		82.3		79.0		76.6		74.4		312.3

Net income	$	148.9	$	140.4	$	135.4	$	123.3	$	548.0

Basic earnings per share⁽¹⁾	$	0.41	$	0.39	$	0.37	$	0.34	$	1.51
Diluted earnings per share⁽¹⁾	$	0.41	$	0.39	$	0.37	$	0.34	$	1.51
Weighted-average common shares outstanding		362.2		362.4		362.5		362.6		362.4
Weighted-average common shares outstanding, assuming dilution		362.8		362.8		363.1		363.4		363.0
Cash dividends per common share	$	0.31	$	0.32	$	0.32	$	0.32	$	1.27
Total net realized gains⁽²⁾	$	0.1	$	0.1	$	0.4	$	0.4	$	1.0
	Three Months Ended
Fiscal 2011	August 31		November 30		February 28		May 31		Full Year
Service revenue		506.2		500.0	$	519.6	$	510.4	$	2,036.2
Interest on funds held for clients		12.1		12.0		11.7		12.3		48.1

Total revenue		518.3		512.0		531.3		522.7		2,084.3

Operating income		200.8		203.9		198.9		182.8		786.4
Investment income, net		1.4		1.5		1.5		1.4		5.8

Income before income taxes		202.2		205.4		200.4		184.2		792.2
Income taxes		70.3		71.5		69.8		65.3		276.9

Net income	$	131.9	$	133.9	$	130.6	$	118.9	$	515.3

Basic earnings per share⁽¹⁾	$	0.36	$	0.37	$	0.36	$	0.33	$	1.42
Diluted earnings per share⁽¹⁾	$	0.36	$	0.37	$	0.36	$	0.33	$	1.42
Weighted-average common shares outstanding		361.6		361.7		361.8		362.0		361.8
Weighted-average common shares outstanding, assuming dilution		362.0		362.1		362.6		363.0		362.4
Cash dividends per common share	$	0.31	$	0.31	$	0.31	$	0.31	$	1.24
Total net realized gains⁽²⁾	$	0.1	$	0.2	$	0.1	$	0.9	$	1.3

(1)	Each quarter is a discrete period and the sum of the four quarters’ basic and diluted earnings per share amounts may not equal the full year amount.

(2)	Total net realized gains on the combined funds held for clients and corporate investment portfolios.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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