Basic and Diluted Earnings Per Share

12 Months Ended

May 31, 2016

Basic and Diluted Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Note B — Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:

	Year ended May 31,
In millions, except per share amounts	2016		2015		2014
Basic earnings per share:
Net income	$	756.8	$	674.9	$	627.5
Weighted-average common shares outstanding		360.7		362.9		364.5
Basic earnings per share	$	2.10	$	1.86	$	1.72
Diluted earnings per share:
Net income	$	756.8	$	674.9	$	627.5
Weighted-average common shares outstanding		360.7		362.9		364.5
Dilutive effect of common share equivalents		1.8		1.7		1.6
Weighted-average common shares outstanding, assuming dilution		362.5		364.6		366.1
Diluted earnings per share	$	2.09	$	1.85	$	1.71
Weighted-average anti-dilutive common share equivalents		0.5		0.3		0.7

Weighted-average common share equivalents that had an anti-dilutive impact are excluded from the computation of diluted earnings per share.

In May 2014, the Board approved a program to repurchase up to $350.0 million of the Company's common stock with authorization expiring on May 31, 2017. During fiscal 2016, the Company repurchased 2.2 million shares for $107.9 million and during fiscal 2015, the Company repurchased 3.9 million shares for $182.4 millionunder this program. All shares repurchased were retired.

In July 2016, the Board approved a new program to repurchase up to $350.0 million of the Company’s common stock with authorization expiring on May 31, 2019.  The purpose of the program is to manage common stock dilution.  Shares purchased will be retired.