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Note C: Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
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For the three months ended |
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For the nine months ended |
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February 28, |
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February 29, |
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February 28, |
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February 29, |
In millions, except per share amounts |
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2021 |
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2020 |
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2021 |
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2020 |
Basic earnings per share: |
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Net income |
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$ |
350.5 |
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$ |
354.5 |
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$ |
834.5 |
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$ |
877.4 |
Weighted-average common shares outstanding |
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360.6 |
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358.5 |
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359.8 |
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358.5 |
Basic earnings per share |
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$ |
0.97 |
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$ |
0.99 |
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$ |
2.32 |
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$ |
2.45 |
Diluted earnings per share: |
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Net income |
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$ |
350.5 |
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$ |
354.5 |
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$ |
834.5 |
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$ |
877.4 |
Weighted-average common shares outstanding |
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360.6 |
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358.5 |
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359.8 |
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358.5 |
Dilutive effect of common share equivalents |
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2.2 |
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2.5 |
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2.2 |
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2.6 |
Weighted-average common shares outstanding, assuming dilution |
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362.8 |
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361.0 |
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362.0 |
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361.1 |
Diluted earnings per share |
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$ |
0.97 |
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$ |
0.98 |
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$ |
2.31 |
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$ |
2.43 |
Weighted-average anti-dilutive common share equivalents |
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— |
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0.6 |
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0.7 |
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0.5 |
Weighted-average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.
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