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

Basic and Diluted Earnings Per Share

12 Months Ended

May 31, 2013

Basic and diluted earnings per share were calculated as follows:



	Year ended May 31,
In millions, except per share amounts	2013		2012		2011
Basic earnings per share:
Net income	$	569.0	$	548.0	$	515.3
Weighted-average common shares outstanding	363.8		362.4		361.8
Basic earnings per share	$	1.56	$	1.51	$	1.42
Diluted earnings per share:
Net income	$	569.0	$	548.0	$	515.3
Weighted-average common shares outstanding	363.8		362.4		361.8
Dilutive effect of common share equivalents at average market price	0.9		0.6		0.6
Weighted-average common shares outstanding, assuming dilution	364.7		363.0		362.4
Diluted earnings per share	$	1.56	$	1.51	$	1.42
Weighted-average anti-dilutive common share equivalents	6.5		9.9		11.5

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

The entire disclosure for earnings per share.