Basic and diluted earnings per share were calculated as follows:

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

For the three months ended August 31, 2019 and August 31, 2018, 0.6 million and 0.5 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.

In May 2019, the Company announced that its Board of Directors approved a program to repurchase up to $400.0 million of the Company’s common stock, with authorization expiring on May 31, 2022. During the three months ended August 31, 2019, the Company repurchased 2.0 million shares for $171.9 million. During the three months ended August 31, 2018, the Company repurchased 0.5 million shares for $32.8 million under a previously authorized program. The purpose of both programs is to manage common stock dilution. All shares of common stock repurchased were retired.