Earnings Per Share and Stock Issuances

6 Months Ended

May 31, 2021

Earnings Per Share, Basic and Diluted [Abstract]

EARNINGS PER SHARE AND STOCK ISSUANCES

CAPITAL STOCK AND EARNINGS PER SHARE

On April 5, 2021, following approval by the Company’s shareholders on March 31, 2021, amendments to the Company’s Charter became effective that increase the number of authorized shares of each class of common stock from 320,000,000 to 640,000,000 and establish the par value of each class of common stock at $0.01 per share. The par value and additional paid in capital associated with each class of common stock is recorded in “Common Stock” and “Common Stock Non-Voting" in our consolidated balance sheet.

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

	Three months ended May 31,		Six months ended May 31,
	2021	2020	2021	2020
Average shares outstanding – basic	267.3	266.2	267.2	266.1
Effect of dilutive securities:
Stock options/RSUs/LTPP	2.7	2.3	2.8	2.6
Average shares outstanding – diluted	270.0	268.5	270.0	268.7

The following table sets forth the stock options and RSUs that were not considered in our earnings per share calculation since they were anti-dilutive (in millions):

	Three months ended May 31,		Six months ended May 31,
	2021	2020	2021	2020
Anti-dilutive securities	0.6	0.5	0.1	0.3

The following table sets forth the common stock activity (in millions):

	Three months ended May 31,		Six months ended May 31,
	2021	2020	2021	2020
Shares issued under stock options, RSUs, LTPP and employee stock purchase plans	0.3	0.8	0.5	1.0
Shares repurchased under the stock repurchase program and shares withheld for taxes under stock options, RSUs, LTPP and employee stock purchase programs	—	0.1	0.1	0.3

As of May 31, 2021, $584.3 million remained of the $600 million share repurchase program authorization approved by our Board of Directors in November 2019.