Earnings (Loss) Per Share

6 Months Ended

Nov. 30, 2013

Earnings Per Share [Abstract]

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 three and six-month periods ended November 30, 2013 and 2012, respectively:

	Three months ended November 30,					Six months ended November 30,
	2013		2012			2013		2012
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	58.2	$	62.4		$	28.1	$	30.8
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax		0.0		(0.8	)		0.2		(1.2	)
Net income (loss) attributable to Class A and Common Shares	$	58.2	$	61.6		$	28.3	$	29.6
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		31.9		31.9			31.8		31.7
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		0.4		0.8			0.6		0.7
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		32.3		32.7			32.4		32.4
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	1.82	$	1.95		$	0.88	$	0.97
Earnings (loss) from discontinued operations, net of tax	$	0.00	$	(0.02	)	$	0.01	$	(0.04	)
Net income (loss)	$	1.82	$	1.93		$	0.89	$	0.93
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	1.80	$	1.91		$	0.87	$	0.95
Earnings (loss) from discontinued operations, net of tax	$	0.00	$	(0.02	)	$	0.01	$	(0.04	)
Net income (loss)	$	1.80	$	1.89		$	0.88	$	0.91

Earnings from continuing operations exclude earnings of $0.1 and $0.1 for the three and six months ended November 30, 2013, respectively, and $0.2 and $0.1 for the three and six months ended November 30, 2012, respectively, for earnings attributable to participating Restricted Stock Units (“RSUs”).

The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated:

	November 30, 2013		November 30, 2012
Options outstanding pursuant to stock-based compensation plans (in millions)		4.7		4.3

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. 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 1.3 million as of November 30, 2013.

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 November 30, 2013, $13.4 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.