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

Annual report pursuant to Section 13 and 15(d)

Basic and Diluted Earnings Per Share

Basic and Diluted Earnings Per Share

12 Months Ended

May. 31, 2015

Basic and diluted earnings per share were calculated as follows:



	Year ended May 31,
In millions, except per share amounts	2015		2014		2013
Basic earnings per share:
Net income	$	674.9	$	627.5	$	569.0
Weighted-average common shares outstanding	362.9		364.5		363.8
Basic earnings per share	$	1.86	$	1.72	$	1.56
Diluted earnings per share:
Net income	$	674.9	$	627.5	$	569.0
Weighted-average common shares outstanding	362.9		364.5		363.8
Dilutive effect of common share equivalents	1.7		1.6		0.9
Weighted-average common shares outstanding, assuming dilution	364.6		366.1		364.7
Diluted earnings per share	$	1.85	$	1.71	$	1.56
Weighted-average anti-dilutive common share equivalents	0.3		0.7		6.5

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 Company announced that its Board of Directors (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 2015, the Company repurchased 3.9 million shares for $182.4 million under this program. During fiscal 2014, the Company repurchased 6.2 million shares for $249.7 million under a previous Board-approved program to repurchase up to $350.0 million of its common stock which expired on May 31, 2014. All shares repurchased were retired.