XML 54 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Earnings (Loss) Per Share
 3 Months Ended
Aug. 31, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
EARNINGS (LOSS) PER SHARE
 
The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted earnings (loss) per share computation for the three month periods ended August 31, 2015 and 2014, respectively:
 
Three months ended 
 August 31,
 
 
2015
 
2014
 
Earnings (loss) from continuing operations attributable to Class A
  and Common Shares
$
(48.9
)
 
$
(53.9
)
 
Earnings (loss) from discontinued operations attributable to Class
  A and Common Shares, net of tax
(0.5
)
 
19.8

 
Net income (loss) attributable to Class A and Common Shares
$
(49.4
)
 
$
(34.1
)
 
Weighted average Shares of Class A Stock and Common Stock
  outstanding for basic earnings (loss) per share (in millions)
33.4

 
32.4

 
Dilutive effect of Class A Stock and Common Stock potentially
  issuable pursuant to stock-based compensation plans (in millions)
*

 
*

 
Adjusted weighted average Shares of Class A Stock and Common
  Stock outstanding for diluted earnings (loss) per share (in millions)
*

 
*

 
Earnings (loss) per share of Class A Stock and Common Stock:
 

 
 

 
Basic earnings (loss) per share:
 

 
 

 
Earnings (loss) from continuing operations
$
(1.46
)
 
$
(1.67
)
 
Earnings (loss) from discontinued operations, net of tax
$
(0.02
)
 
$
0.62

 
Net income (loss)
$
(1.48
)
 
$
(1.05
)
 
Diluted earnings (loss) per share:
 

 
 

 
Earnings (loss) from continuing operations
$
(1.46
)
 
$
(1.67
)
 
Earnings (loss) from discontinued operations, net of tax
$
(0.02
)
 
$
0.62

 
Net income (loss)
$
(1.48
)
 
$
(1.05
)
 


* In each of the three month periods ended August 31, 2015 and 2014, the Company experienced a loss from continuing operations and therefore did not report any dilutive share impact.



The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated: 
 
August 31, 2015
 
August 31, 2014
Options outstanding pursuant to stock-based compensation plans (in millions)
3.1
 
4.0


In a period in which the Company reports a discontinued operation, Earnings (loss) from continuing operations is used as the “control number” in determining whether potentially dilutive common shares are dilutive or anti-dilutive. There were no potentially dilutive shares outstanding pursuant to compensation plans for the three months ended August 31, 2015.

A portion of the Company’s RSUs which are granted to employees participate in earnings through cumulative non-forfeitable dividends payable to the employees upon vesting of the RSUs. Accordingly, the Company measures earnings per share based upon the lower of the Two-class method or the Treasury Stock method. Since, under the Two-class method, losses are not allocated to the participating securities, in periods of loss the Two-class method is not applicable.
 
As of August 31, 2015, $59.9 remained available for future purchases of common shares under the current repurchase authorization of the Board of Directors. See Note 11, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.