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

Basic and Diluted Earnings Per Share

12 Months Ended

May 31, 2021

Note C — 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	2021		2020		2019
Basic earnings per share:
Net income	$	1,097.5	$	1,098.1	$	1,034.4
Weighted-average common shares outstanding		359.9		358.5		359.2
Basic earnings per share	$	3.05	$	3.06	$	2.88
Diluted earnings per share:
Net income	$	1,097.5	$	1,098.1	$	1,034.4
Weighted-average common shares outstanding		359.9		358.5		359.2
Dilutive effect of common share equivalents		2.2		2.5		2.6
Weighted-average common shares outstanding, assuming dilution		362.1		361.0		361.8
Diluted earnings per share	$	3.03	$	3.04	$	2.86
Weighted-average anti-dilutive common share equivalents		0.6		0.7		0.4

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