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EARNINGS PER SHARE
 12 Months Ended
May 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

15.

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding restricted stock-based awards, stock options, and shares issuable under the employee stock purchase plan as applicable pursuant to the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Year Ended May 31,

 

(in millions, except per share data)

 

2022

 

 

2021

 

 

2020

 

Net income

 

$

6,717

 

 

$

13,746

 

 

$

10,135

 

Weighted average common shares outstanding

 

 

2,700

 

 

 

2,945

 

 

 

3,211

 

Dilutive effect of employee stock plans

 

 

86

 

 

 

77

 

 

 

83

 

Dilutive weighted average common shares outstanding

 

 

2,786

 

 

 

3,022

 

 

 

3,294

 

Basic earnings per share

 

$

2.49

 

 

$

4.67

 

 

$

3.16

 

Diluted earnings per share

 

$

2.41

 

 

$

4.55

 

 

$

3.08

 

Shares subject to anti-dilutive restricted stock-based awards and stock options excluded from calculation(1)

 

 

34

 

 

 

36

 

 

 

56

 

 

(1)

Substantially all of these weighted shares related to contingently issuable shares pursuant to PSO arrangements that could be dilutive in the future. See Note 12 for information regarding the exercise prices of our outstanding, unexercised stock options.