Earnings (Loss) Per Share

9 Months Ended

Feb. 29, 2012

Earnings Per Share [Text Block]

8. 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 and nine-month periods ended February 29, 2012 and February 28, 2011, respectively:

	Three months ended						Nine months ended
	February 29, 2012			February 28, 2011			February 29, 2012			February 28, 2011
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	(9.9	)	$	(23.9	)	$	48.0		$	19.0
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax		(0.4	)		(1.1	)		(2.9	)		(4.6	)
Net income (loss) attributable to Class A and Common Shares	$	(10.3	)	$	(25.0	)	$	45.1		$	14.4
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		31.1			30.9			31.1			33.8
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		*			*			0.5			0.5
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		31.1			30.9			31.6			34.3
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.32	)	$	(0.77	)	$	1.54		$	0.56
Earnings (loss) from discontinued operations, net of tax	$	(0.01	)	$	(0.04	)	$	(0.09	)	$	(0.13	)
Net income (loss)	$	(0.33	)	$	(0.81	)	$	1.45		$	0.43
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.32	)	$	(0.77	)	$	1.52		$	0.55
Earnings (loss) from discontinued operations, net of tax	$	(0.01	)	$	(0.04	)	$	(0.09	)	$	(0.13	)
Net income (loss)	$	(0.33	)	$	(0.81	)	$	1.43		$	0.42

* In the three months ended February 29, 2012 and February 28, 2011, the Company experienced a loss from continuing operations and therefore did not report any dilutive share impact.

In periods of Net loss, dilutive earnings per share are not reported as the effect of the potentially dilutive shares becomes anti-dilutive.

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.

A portion of the Company’s restricted stock units (“RSUs”) 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 two-class method.

Earnings from continuing operations exclude losses of less than $0.1 and earnings of $0.3 for the three and nine months ended February 29, 2012, and a loss of $0.1 and earnings of $0.2 for the three and nine months ended February 28, 2011, respectively, in respect of earnings attributable to participating RSUs.

Potentially dilutive shares outstanding pursuant to compensation plans that were not included in the diluted earnings per share calculation because they were anti-dilutive were 3.7 million and 5.4 million for the three months ended February 29, 2012 and February 28, 2011, respectively, and 4.3 million and 4.4 million for the nine months ended February 29, 2012 and February 28, 2011, respectively. Options outstanding pursuant to compensation plans were 5.5 million and 5.4 million as of February 29, 2012 and February 28, 2011, respectively.

As of February 29, 2012, $38.9 remains available for future purchases of common shares under the current repurchase authorization of the Board of Directors. See Note 14, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.