Earnings Per Share

9 Months Ended

May 31, 2013

Earnings Per Share [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)	2013		2012		2013		2012
Net income attributable to Apollo (basic and diluted)	$	79,953	$	134,034	$	226,975	$	347,230
Basic weighted average shares outstanding	112,742		118,134		112,579		124,560
Dilutive effect of stock options	—		1		—		25
Dilutive effect of restricted stock units and performance share awards	630		658		542		750
Diluted weighted average shares outstanding	113,372		118,793		113,121		125,335
Earnings per share:
Basic income per share attributable to Apollo	$	0.71	$	1.13	$	2.02	$	2.79
Diluted income per share attributable to Apollo	$	0.71	$	1.13	$	2.01	$	2.77

During the three months ended May 31, 2013 and 2012, 7.4 million and 8.6 million, respectively, of our stock options outstanding and 1.5 million and 0.3 million, 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, 2013 and 2012, 7.9 million and 8.7 million, respectively, of our stock options outstanding and 1.9 million and less than 0.1 million, 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.