Earnings (Loss) Per Share

3 Months Ended

Feb. 28, 2013

Earnings Per Share [Text Block]

6. 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 dates indicated:

	Three months ended						Nine months ended
	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Net income (loss) attributable to Class A and Common Shares	$	(20.1	)	$	(10.3	)	$	9.6		$	45.4
Earnings (loss) from continuing operations attributable to Class A and Common Shares		(20.1	)		(9.9	)		9.8			48.3
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax		(0.0	)		(0.4	)		(0.2	)		(2.9	)
Earnings attributable to participating securities		—			—			0.1			0.3
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		32.0			31.1			31.8			31.1
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		*			*			0.6			0.5
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		32.0			31.1			32.4			31.6
Potentially dilutive shares outstanding pursuant to stock-based compensation plans (in millions)		2.4			3.7			2.0			4.3
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.63	)	$	(0.32	)	$	0.31		$	1.54
Earnings (loss) from discontinued operations, net of tax	$	(0.00	)	$	(0.01	)	$	(0.01	)	$	(0.09	)
Net income (loss)	$	(0.63	)	$	(0.33	)	$	0.30		$	1.45
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.63	)	$	(0.32	)	$	0.30		$	1.52
Earnings (loss) from discontinued operations, net of tax	$	(0.00	)	$	(0.01	)	$	(0.01	)	$	(0.09	)
Net income (loss)	$	(0.63	)	$	(0.33	)	$	0.29		$	1.43

* In the three months ended February 28, 2013 and February 29, 2012, 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:

	February 28, 2013	February 29, 2012
Options outstanding pursuant to stock-based compensation plans (in millions)	4.2	5.5

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”) 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 February 28, 2013, $25.6 remains available for future purchases of common shares under the current repurchase authorization of the Board of Directors. See Note 12, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.