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 November 30, 2017 and November 30, 2016,  0.3 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 six months ended November 30, 2017 and November 30, 2016, 0.8 million and 1.4 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 six months ended November 30, 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. No shares were repurchased during the three months ended November 30, 2017.   During the six months ended November 30, 2017, the Company repurchased 1.6 million shares for $94.1 million.  During the three and six months ended November 30, 2016, the Company repurchased 2.9 million shares for $166.2 million, of which $59.7 million were repurchased under a previously authorized common stock repurchase program.  All shares repurchased were retired.