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 August 31, 2017 and August 31, 2016,  0.5 million and 1.3 million shares, respectively, of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards.  In addition, for the three months ended August 31, 2017, 0.6 million shares of the Company’s common stock were issued in relation to an immaterial business acquisition completed in August 2017.  Refer to Note C below for further details.



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 purpose of the program is to manage common stock dilution. During the three months ended August 31, 2017, the Company repurchased 1.6 million shares for $94.1 million under this program.  The Company did not repurchase any of its common stock during the three months ended August 31, 2016.  All shares repurchased were retired.