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

Basic and Diluted Earnings Per Share (Tables)

12 Months Ended

May 31, 2012


	Year ended May 31,
In millions, except per share amounts	2012		2011		2010
Basic earnings per share:
Net income	$	548.0	$	515.3	$	477.0
Weighted-average common shares outstanding		362.4		361.8		361.4

Basic earnings per share	$	1.51	$	1.42	$	1.32

Diluted earnings per share:
Net income	$	548.0	$	515.3	$	477.0
Weighted-average common shares outstanding		362.4		361.8		361.4
Dilutive effect of common share equivalents at average market price		0.6		0.6		0.3

Weighted-average common shares outstanding, assuming dilution		363.0		362.4		361.7

Diluted earnings per share	$	1.51	$	1.42	$	1.32

Weighted-average anti-dilutive common share equivalents		9.9		11.5		13.0