Note B: Basic and Diluted Earnings Per Share



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 February 28, 2017 and February 29, 2016,  0.4 million and 0.1 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.  For the nine months ended February 28, 2017 and February 29, 2016,  1.8 million and 1.2 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.



In July 2016, the Company announced that its Board of Directors approved a program to repurchase up to $350.0 million of the Company’s common stock, with authorization expiring in May 2019 (the “July 2016 Plan”).  No shares were repurchased during the three months ended February 28, 2017.  During the nine months ended February 28, 2017, the Company repurchased 2.9 million shares for $166.2 million.  Of the shares repurchased during the nine months ended February 28, 2017,  $106.5 million were repurchased under the July 2016 Plan and $59.7 million were repurchased under a previously authorized program to purchase up to $350.0 million of the Company’s common stock, with authorization expiring in May 2017 (the “May 2014 Plan”).  During the three and nine months ended February 29, 2016, the Company repurchased 0.9 million shares for $45.0 million and 2.2 million shares for $107.9 million, respectively, under the May 2014 Plan.  The purpose of both programs is to manage common stock dilution.  All shares repurchased were retired.  As of February 28, 2017, all amounts authorized under the May 2014 Plan have been used.