Earnings (Loss) Per Share

12 Months Ended

May 31, 2013

Earnings Per Share [Text Block]

Earnings Per Share [Text Block]

14. 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 fiscal years ended May 31:

	2013			2012			2011
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	35.7		$	107.6		$	45.0
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax		(4.7	)		(5.7	)		(5.9	)
Net income (loss) attributable to Class A and Common Shares		31.0			101.9			39.1
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		31.8			31.2			33.1
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		0.6			0.5			0.5
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		32.4			31.7			33.6
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	1.12		$	3.45		$	1.36
Earnings (loss) from discontinued operations, net of tax	$	(0.15	)	$	(0.18	)	$	(0.18	)
Net income (loss)	$	0.97		$	3.27		$	1.18
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	1.10		$	3.39		$	1.34
Earnings (loss) from discontinued operations, net of tax	$	(0.15	)	$	(0.18	)	$	(0.18	)
Net income (loss)	$	0.95		$	3.21		$	1.16

Earnings from continuing operations exclude earnings of $0.1, $0.5 and $0.3 for the years ended May 31, 2013, 2012 and 2011, respectively, for earnings attributable to participating restricted stock units.

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 granted to employees participates in earnings through cumulative non-forfeitable dividends payable to the employees upon vesting of the restricted stock units. Accordingly, the Company measures earnings per share based upon the two-class method.

Equity awards that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled: 2,083,054 at May 31, 2013; 3,962,650 at May 31, 2012; and 4,341,331 at May 31, 2011. Options outstanding pursuant to compensation plans were 4.2 million and 4.9 million as of May 31, 2013 and 2012, respectively.

As of May 31, 2013, $19.6 remains 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.