Earnings Per Share

9 Months Ended

May 31, 2012

Notes to Condensed Consolidated Financial Statements [Abstract]

Earnings Per Share

Earnings Per Share

Our outstanding shares consist of Apollo Group Class A and Class B common stock. Our Articles of Incorporation treat the declaration of dividends on the Apollo Group Class A and Class B common stock in an identical manner. As such, both the Apollo Group Class A and Class B common stock are included in the calculation of our earnings per share.

Diluted weighted average shares outstanding includes the incremental effect of shares that would be issued upon the assumed exercise of stock options and the vesting and release of restricted stock units and performance share awards. The components of basic and diluted earnings per share are as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
(In thousands, except per share data)	2012		2011		2012		2011
Net income attributable to Apollo (basic and diluted)	$	134,034	$	212,440	$	347,230	$	383,815
Basic weighted average shares outstanding	118,134		139,856		124,560		142,845
Dilutive effect of stock options	1		70		25		91
Dilutive effect of restricted stock units and performance share awards	658		417		750		286
Diluted weighted average shares outstanding	118,793		140,343		125,335		143,222
Earnings per share:
Basic income per share attributable to Apollo	$	1.13	$	1.52	$	2.79	$	2.69
Diluted income per share attributable to Apollo	$	1.13	$	1.51	$	2.77	$	2.68

During the three months ended May 31, 2012 and 2011, approximately 8.6 million and 9.5 million, respectively, of our stock options outstanding and approximately 317,000 and 27,000, respectively, of our restricted stock units and performance share awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. These options, restricted stock units and performance share awards could be dilutive in the future.

During the nine months ended May 31, 2012 and 2011, approximately 8.7 million and 9.5 million, respectively, of our stock options outstanding and approximately 10,000 and 279,000, respectively, of our restricted stock units and performance share awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. These options, restricted stock units and performance share awards could be dilutive in the future.