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	2018		2017		2016
Basic earnings per share:
Net income	$	933.7	$	817.3	$	756.8
Weighted-average common shares outstanding		359.0		359.8		360.7
Basic earnings per share	$	2.60	$	2.27	$	2.10
Diluted earnings per share:
Net income	$	933.7	$	817.3	$	756.8
Weighted-average common shares outstanding		359.0		359.8		360.7
Dilutive effect of common share equivalents		2.5		2.8		1.8
Weighted-average common shares outstanding, assuming dilution		361.5		362.6		362.5
Diluted earnings per share	$	2.58	$	2.25	$	2.09
Weighted-average anti-dilutive common share equivalents		0.7		0.7		0.5

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

In July 2016, the Company announced that the Board approved a program to repurchase up to $350.0 million of the Company's common stock, with authorization expiring in May 2019 (the “July 2016 Program”). During fiscal 2018, the Company repurchased 2.5 million shares for $143.1 million under the July 2016 Program. During fiscal 2017, the Company repurchased 2.9 million shares for $166.2 million. Of the shares repurchased during fiscal 2017, $59.7 million were repurchased under a previously authorized common stock repurchase program. The purpose of the program is to manage common stock dilution. All shares repurchased were retired.