Annual report pursuant to Section 13 and 15(d)

Basic and Diluted Earnings Per Share

v3.5.0.2
Basic and Diluted Earnings Per Share
 12 Months Ended
May 31, 2016
Basic and Diluted Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share

Note B — Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Year ended May 31,

In millions, except per share amounts

 

2016

 

2015

 

2014

Basic earnings per share:

 

 

 

 

 

 

 

 

 

Net income

 

$

 756.8 

 

$

 674.9 

 

$

 627.5 

Weighted-average common shares outstanding

 

 

 360.7 

 

 

 362.9 

 

 

 364.5 

Basic earnings per share

 

$

 2.10 

 

$

 1.86 

 

$

 1.72 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

Net income

 

$

 756.8 

 

$

 674.9 

 

$

 627.5 

Weighted-average common shares outstanding

 

 

 360.7 

 

 

 362.9 

 

 

 364.5 

Dilutive effect of common share equivalents

 

 

 1.8 

 

 

 1.7 

 

 

 1.6 

Weighted-average common shares outstanding, assuming dilution

 

 

 362.5 

 

 

 364.6 

 

 

 366.1 

Diluted earnings per share

 

$

 2.09 

 

$

 1.85 

 

$

 1.71 

Weighted-average anti-dilutive common share equivalents

 

 

 0.5 

 

 

 0.3 

 

 

 0.7 



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

In May 2014, the Board approved a program to repurchase up to $350.0 million of the Company's common stock with authorization expiring on May 31, 2017. During fiscal 2016, the Company repurchased 2.2 million shares for $107.9 million and during fiscal 2015, the Company repurchased 3.9 million shares for $182.4 million under this program. All shares repurchased were retired.

In July 2016, the Board approved a new program to repurchase up to $350.0 million of the Company’s common stock with authorization expiring on May 31, 2019.  The purpose of the program is to manage common stock dilution.  Shares purchased will be retired.