Note C: Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:



	For the three months ended
	August 31,
			2017
In millions, except per share amounts	2018		As Adjusted(1)
Basic earnings per share:
Net income	$	243.6	$	210.4
Weighted-average common shares outstanding		359.1		358.9
Basic earnings per share	$	0.68	$	0.59
Diluted earnings per share:
Net income	$	243.6	$	210.4
Weighted-average common shares outstanding		359.1		358.9
Dilutive effect of common share equivalents		2.4		2.4
Weighted-average common shares outstanding, assuming dilution		361.5		361.3
Diluted earnings per share	$	0.67	$	0.58
Weighted-average anti-dilutive common share equivalents		0.3		1.1

(1) Amounts have been adjusted to reflect the adoption of ASC Topic 606.

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

For both the three months ended August 31, 2018 and August 31, 2017, 0.5 million shares of the Company’s common stock were issued in connection with the exercise or vesting of stock-based awards. In addition, for the three months ended August 31, 2017, 0.6 million shares of the Company’s common stock were issued in relation to an immaterial business acquisition completed in August 2017. Refer to Note D for further details.

In July 2016, the Company announced that its Board of Directors approved a program to repurchase up to $350.0 million of the Company’s common stock, with authorization expiring in May 2019. The purpose of the program is to manage common stock dilution. During the three months ended August 31, 2018 and August 31, 2017, the Company repurchased 0.5 million shares for $32.8 million and 1.6 million shares for $94.1 million, respectively. All shares of common stock repurchased were retired.