Annual report pursuant to Section 13 and 15(d)

Basic and Diluted Earnings Per Share

v2.4.0.8
Basic and Diluted Earnings Per Share
 12 Months Ended
May 31, 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:
 
 
Year ended May 31,
In millions, except per share amounts
 
2014
 
2013
 
2012
Basic earnings per share:
 
 
 
 
 
 
Net income
 
$
627.5

 
$
569.0

 
$
548.0

Weighted-average common shares outstanding
 
364.5

 
363.8

 
362.4

Basic earnings per share
 
$
1.72

 
$
1.56

 
$
1.51

Diluted earnings per share:
 
 
 
 
 
 
Net income
 
$
627.5

 
$
569.0

 
$
548.0

Weighted-average common shares outstanding
 
364.5

 
363.8

 
362.4

Dilutive effect of common share equivalents
 
1.6

 
0.9

 
0.6

Weighted-average common shares outstanding, assuming dilution
 
366.1

 
364.7

 
363.0

Diluted earnings per share
 
$
1.71

 
$
1.56

 
$
1.51

Weighted-average anti-dilutive common share equivalents
 
0.7

 
6.5

 
9.9


Weighted-average common share equivalents that had an anti-dilutive impact are excluded from the computation of diluted earnings per share.
In October 2012, the Company announced a program to repurchase up to $350 million of its common stock with authorization expiring on May 31, 2014. During fiscal 2014, the Company repurchased 6.2 million shares for $249.7 million under this program. Shares repurchased were retired. In May 2014, the Company announced that its Board of Directors (the “Board”) approved a new program to repurchase up to $350 million of the Company's common stock with authorization expiring on May 31, 2017.