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Note C — Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
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Year ended May 31, |
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In millions, except per share amounts |
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2023 |
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2022 |
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2021 |
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Basic earnings per share: |
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Net income |
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$ |
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1,557.3 |
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$ |
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1,392.8 |
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$ |
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1,097.5 |
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Weighted-average common shares outstanding |
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360.4 |
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360.6 |
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359.9 |
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Basic earnings per share |
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$ |
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4.32 |
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$ |
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3.86 |
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$ |
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3.05 |
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Diluted earnings per share: |
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Net income |
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$ |
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1,557.3 |
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$ |
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1,392.8 |
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$ |
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1,097.5 |
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Weighted-average common shares outstanding |
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360.4 |
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360.6 |
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359.9 |
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Dilutive effect of common share equivalents |
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1.9 |
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2.5 |
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2.2 |
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Weighted-average common shares outstanding, assuming dilution |
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362.3 |
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363.1 |
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362.1 |
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Diluted earnings per share |
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$ |
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4.30 |
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$ |
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3.84 |
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$ |
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3.03 |
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Weighted-average anti-dilutive common share equivalents |
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0.7 |
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0.2 |
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0.6 |
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Weighted-average common share equivalents that had an anti-dilutive impact are excluded from the computation of diluted earnings per share.
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