Quarterly report pursuant to Section 13 or 15(d)

Basic and Diluted Earnings Per Share

v2.4.1.9
Basic and Diluted Earnings Per Share
 6 Months Ended
Nov. 30, 2014
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
 
For the three months ended 
 November 30,
 
For the six months ended 
 November 30,
In millions, except per share amounts
2014
 
2013
 
2014
 
2013
Basic earnings per share:
 
 
 
 
 
 
 
Net income
$
173.0

 
$
158.7

 
$
344.3

 
$
321.5

Weighted-average common shares outstanding
363.0

 
364.9

 
363.1

 
365.1

Basic earnings per share
$
0.48

 
$
0.43

 
$
0.95

 
$
0.88

Diluted earnings per share:
 
 
 
 
 
 
 
Net income
$
173.0

 
$
158.7

 
$
344.3

 
$
321.5

Weighted-average common shares outstanding
363.0

 
364.9

 
363.1

 
365.1

Dilutive effect of common share equivalents
1.6

 
1.5

 
1.5

 
1.4

Weighted-average common shares outstanding, assuming dilution
364.6

 
366.4

 
364.6

 
366.5

Diluted earnings per share
$
0.47

 
$
0.43

 
$
0.94

 
$
0.88

Weighted-average anti-dilutive common share equivalents
0.8

 
0.8

 
0.6

 
0.8


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, 2014 and 2013, 0.7 million and 0.9 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, 2014 and 2013, 1.4 million and 2.8 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.
In May 2014, the Company announced its program to repurchase up to $350 million of its common stock with authorization expiring on May 31, 2017. During the three and six months ended November 30, 2014, the Company repurchased 0.4 million shares for $15.0 million and 1.3 million shares for $52.5 million, respectively. During the three and six months ended November 30, 2013, respectively, the Company repurchased 1.9 million shares for $75.2 million and 4.0 million shares for $159.1 million under the previous Board-approved program to repurchase Company common stock which expired in May 2014. Shares repurchased were retired.