Annual report pursuant to Section 13 and 15(d)

Basic and Diluted Earnings Per Share

v3.7.0.1
Basic and Diluted Earnings Per Share
 12 Months Ended
May 31, 2017
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

 

2017

 

2016

 

2015

Basic earnings per share:

 

 

 

 

 

 

 

 

 

Net income

 

$

 817.3 

 

$

 756.8 

 

$

 674.9 

Weighted-average common shares outstanding

 

 

 359.8 

 

 

 360.7 

 

 

 362.9 

Basic earnings per share

 

$

 2.27 

 

$

 2.10 

 

$

 1.86 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

Net income

 

$

 817.3 

 

$

 756.8 

 

$

 674.9 

Weighted-average common shares outstanding

 

 

 359.8 

 

 

 360.7 

 

 

 362.9 

Dilutive effect of common share equivalents

 

 

 2.8 

 

 

 1.8 

 

 

 1.7 

Weighted-average common shares outstanding, assuming dilution

 

 

 362.6 

 

 

 362.5 

 

 

 364.6 

Diluted earnings per share

 

$

 2.25 

 

$

 2.09 

 

$

 1.85 

Weighted-average anti-dilutive common share equivalents

 

 

 0.7 

 

 

 0.5 

 

 

 0.3 



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

In July 2016, the Company announced that its Board approved a program to repurchase up to $350.0 million of the Company's common stock, with authorization expiring in May 2019 (the “July 2016 Program”).  In May 2014, the Board had previously approved a program to repurchase up to $350.0 million of the Company’s common stock with authorization that expired in May 2017 (the “May 2014 Program”).  During fiscal 2017, the Company repurchased 2.9 million shares for $166.2 million.  Of the shares repurchased during fiscal 2017, $106.5 million were repurchased under the July 2016 Program and $59.7 million were repurchased under the May 2014 Program.  During fiscal 2016, the Company repurchased 2.2 million shares for $107.9 million under the May 2014 Program.  The purpose of both programs is to manage common stock dilution.  All shares repurchased were retired.  As of May 31, 2017, all amounts authorized under the May 2014 Program have been repurchased.