Note 14. Earnings Per Share

12 Months Ended

May 31, 2011

Earnings Per Share [Text Block]

14. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share in accordance with ASC 260, “Earnings per Share” (“ASC 260”).  Basic earnings per common share are calculated by dividing net income by weighted-average common shares outstanding during the period.  Diluted earnings per common share are calculated by dividing net income by weighted-average common shares plus dilutive potential common shares outstanding during the period.  The following table details the calculation of basic and diluted earnings per share:

	Year Ended May 31,
	2011		2010		2009
	(Shares and $ in thousands, except per share data)
Numerator for basic and diluted earnings per share:
Net Income	$	89,327	$	82,583	$	76,183
Denominator:
For basic earnings per share
- weighted average shares basis		70,073		70,062		70,382
Effect of dilutive stock options and restricted stock		545		584		786
Denominator for diluted earnings per share
-adjusted weighted average shares basis		70,618		70,646		71,168
Earnings per common share – basic	$	1.27	$	1.18	$	1.08
Earnings per common share – diluted	$	1.26	$	1.17	$	1.07

The effect of 1,672,617, 1,652,275 and 1,135,711 out-of-the-money options was excluded from the above calculation as inclusion of these securities would be anti-dilutive for the years ended May 31, 2011, 2010 and 2009, respectively.

On June 9, 2011, the Company, under an annual group award, issued 228,890 restricted stock units and 162,535 performance based restricted stock units. These grants are excluded in calculating the above diluted earnings per share as they were issued subsequent to year end but may have a dilutive effect on future earnings per share calculations.