EARNINGS (LOSS) PER SHARE

12 Months Ended

May 31, 2011

Earnings Per Share [Text Block]

14. EARNINGS (LOSS) PER SHARE

A portion of the Company’s Stock Units granted to employees participate in earnings through cumulative non-forfeitable dividends payable to the employees upon vesting of the Stock Units. For periods in which the Company has Net income, basic earnings per Common and Class A shares outstanding (the “Issued Shares”) is calculated as the lesser of:

• Net earnings divided by the weighted average shares outstanding of the Issued Shares during the period (the “Treasury Stock Method”); or

• The sum of earnings distributed in the period to the Issued Shares and undistributed earnings available to the Issued Shares (excluding earnings attributable to the participating Stock Units) divided by the weighted average shares outstanding of the Issued Shares during the period (the “Two-Class Method”).

Diluted earnings per share for periods in which the Company has net income is calculated as the lesser of:

• The Treasury Stock Method incorporating the effect of dilutive shares; or

• The Two-Class Method incorporating the effect of dilutive shares.

In periods of net loss, dilutive earnings per share are not reported as the effect of the potentially dilutive shares becomes anti-dilutive. Options that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled: 4,341,331 at May 31, 2011; 5,264,202 at May 31, 2010; and 6,198,855 at May 31, 2009.

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. The Company calculates per share figures prior to rounding in millions.

The following table summarizes the reconciliation of the numerators and denominators for the Basic and Diluted earnings (loss) per share computation for the fiscal years ended May 31:

	2011			2010			2009
Earnings from continuing operations attributable to Class A and Common Shares	$	43.3		$	58.7		$	7.0
Loss from discontinued operations attributable to Class A and Common Shares, net of tax		(4.2	)		(2.6	)		(21.3	)
Net income (loss) attributable to Class A and Common Shares		39.1			56.1			(14.3	)
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings per share (in millions)		33.1			36.5			37.2
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		0.5			0.3			0.2
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings per share (in millions)		33.6			36.8			37.4
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings from continuing operations	$	1.31		$	1.61		$	0.19
Loss from discontinued operations, net of tax	$	(0.13	)	$	(0.07	)	$	(0.57	)
Net income (loss)	$	1.18		$	1.54		$	(0.38	)
Diluted earnings (loss) per share:
Earnings from continuing operations	$	1.29		$	1.59		$	0.19
Loss from discontinued operations, net of tax	$	(0.13	)	$	(0.07	)	$	(0.57	)
Net income (loss)	$	1.16		$	1.52		$	(0.38	)

Earnings from continuing operations exclude earnings of $0.3 for the year ended May 31, 2011, in respect of earnings attributable to participating Stock Units.

See Note 11, “Treasury Stock.”