Earnings Per Share and Stock Issuances

9 Months Ended

Aug. 31, 2017

Earnings Per Share, Basic and Diluted [Abstract]

EARNINGS PER SHARE AND STOCK ISSUANCE

On August 11, 2017, we issued 6,353,591 shares of our common stock non-voting in connection with our acquisition of RB Foods (see note 2), which included 828,729 shares from the exercise of the underwriters' option to purchase additional shares. The net proceeds from this issuance, after the underwriting discount and related expenses, was $554.0 million.

The following table sets forth the reconciliation of average shares outstanding (in millions):



	Three months ended August 31,		Nine months ended August 31,
	2017	2016	2017	2016
Average shares outstanding – basic	126.3	126.4	125.5	126.8
Effect of dilutive securities:
Stock options/RSUs/LTPP	1.5	1.5	1.7	1.4
Average shares outstanding – diluted	127.8	127.9	127.2	128.2

The following table sets forth the stock options and RSUs for the three and nine months ended August 31, 2017 and 2016 which were not considered in our earnings per share calculation since they were anti-dilutive (in millions):



	Three months ended August 31,		Nine months ended August 31,
	2017	2016	2017	2016
Anti-dilutive securities	1.3	0.3	1.1	0.4

The following table sets forth the common stock activity for the three and nine months ended August 31, 2017 and 2016 (in millions):



	Three months ended August 31,		Nine months ended August 31,
	2017	2016	2017	2016
Shares issued, net of shares withheld for taxes, under stock option, RSUs, LTPP and employee stock purchase plans	—	0.1	0.6	0.6
Shares issued in connection with RB Foods acquisition	6.4	—	6.4	—
Shares repurchased under the stock repurchase program	—	0.8	1.4	1.9

As of August 31, 2017, $191.3 million remained of the $600 million share repurchase authorization that was authorized by the Board of Directors in March 2015.