Note C — Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:



	Year ended May 31,
			2018		2017
In millions, except per share amounts	2019		As Adjusted(1)		As Adjusted(1)
Basic earnings per share:
Net income	$	1,034.4	$	994.1	$	826.3
Weighted-average common shares outstanding		359.2		359.0		359.8
Basic earnings per share	$	2.88	$	2.77	$	2.30
Diluted earnings per share:
Net income	$	1,034.4	$	994.1	$	826.3
Weighted-average common shares outstanding		359.2		359.0		359.8
Dilutive effect of common share equivalents		2.6		2.5		2.8
Weighted-average common shares outstanding, assuming dilution		361.8		361.5		362.6
Diluted earnings per share	$	2.86	$	2.75	$	2.28
Weighted-average anti-dilutive common share equivalents		0.4		0.7		0.7

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

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

The Company maintained a program to repurchase up to $350.0 million of the Company's common stock, with authorization that expired on May 31, 2019. During fiscal 2019 and fiscal 2018, the Company repurchased 0.7 million shares for $56.9 million and 2.5 million shares for $143.1 million, respectively, under this repurchase program. All shares repurchased were retired. In May 2019, the Company announced that its Board approved a program to repurchase up to $400.0 million of the Company’s common stock, with authorization running from June 1, 2019 through May 31, 2022. The purpose of these programs is to manage common stock dilution.