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Earnings Per Share
 6 Months Ended
Nov. 27, 2011
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

8. EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock awards, and other dilutive securities.

The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:

 

                                 
    Thirteen weeks ended     Twenty-six weeks ended  
    November 27,
2011		     November 28,
2010		     November 27,
2011		     November 28,
2010		  

Net income available to ConAgra Foods, Inc. common stockholders:

                                

Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders

   $ 171.8     $ 200.3     $ 257.0     $ 343.7  

Income from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders

     —         0.6       0.1       3.6  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to ConAgra Foods, Inc. common stockholders

   $ 171.8     $ 200.9     $ 257.1     $ 347.3  

Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated

     0.7       0.9       1.0       2.3  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net income available to ConAgra Foods, Inc. common stockholders

   $ 171.1     $ 200.0     $ 256.1     $ 345.0  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding:

                                

Basic weighted average shares outstanding

     413.6       437.8       413.0       439.7  

Add: Dilutive effect of stock options, restricted stock awards, and other dilutive securities

     5.0       3.8       5.4       4.1  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding

     418.6       441.6       418.4       443.8  
   

 

 

    

 

 

    

 

 

    

 

 

  

For the second quarter and first half of fiscal 2012, there were 14.7 million and 13.9 million stock options outstanding, respectively, that were excluded from the computation of shares contingently issuable upon exercise of the stock options because exercise prices exceeded the average market value of our common stock during the period. For the second quarter and first half of fiscal 2011, there were 21.2 million and 19.0 million stock options, respectively, excluded from the calculation.