Basic and Diluted Earnings Per Share

12 Months Ended

May 31, 2020

Basic and Diluted Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Note C — Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:

	Year ended May 31,
In millions, except per share amounts	2020		2019		2018
Basic earnings per share:
Net income	$	1,098.1	$	1,034.4	$	994.1
Weighted-average common shares outstanding		358.5		359.2		359.0
Basic earnings per share	$	3.06	$	2.88	$	2.77
Diluted earnings per share:
Net income	$	1,098.1	$	1,034.4	$	994.1
Weighted-average common shares outstanding		358.5		359.2		359.0
Dilutive effect of common share equivalents		2.5		2.6		2.5
Weighted-average common shares outstanding, assuming dilution		361.0		361.8		361.5
Diluted earnings per share	$	3.04	$	2.86	$	2.75
Weighted-average anti-dilutive common share equivalents		0.7		0.4		0.7

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

In May 2019, the Company announced that its Board approved a program to repurchase up to $400.0 million of its common stock, with authorization expiring on May 31, 2022. During fiscal 2020, the Company repurchased 2.0 million shares for $171.9 million under this repurchase program. 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 a previously authorized repurchase program. The purpose of these programs is to manage common stock dilution. All shares of common stock repurchased were retired.