Note C: Basic and Diluted Earnings Per Share



Basic and diluted earnings per share were calculated as follows:







(1) Amounts have been adjusted to reflect the adoption of ASC Topic 606.



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, 2018 and November 30, 2017,  0.1 million shares and 0.3 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, 2018 and November 30, 2017,  0.6 million shares and 0.8 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.



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, 2018 and November 30, 2017. During the six months ended November 30, 2018 and November 30, 2017, the Company repurchased 0.5 million shares for $32.8 million and 1.6 million shares for $94.1 million, respectively. All shares of common stock repurchased were retired.



The Company declared a quarterly dividend to its shareholders of $0.56 per share and $0.50 per share for the three months ended November 30, 2018 and November 30, 2017, respectively. For the six months ended November 30, 2018 and November 30, 2017, the Company declared quarterly dividends to its shareholders of $1.12 per share and $1.00 per share, respectively.