Paychex 2015 Annual Report Download - page 84

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note O — Quarterly Financial Data (Unaudited)
In millions, except per share amounts
Three Months Ended
Fiscal 2015 August 31 November 30 February 28 May 31 Full Year
Service revenue ........................... $656.6 $665.9 $693.6 $681.4 $2,697.5
Interest on funds held for clients .............. 10.2 10.4 10.7 10.8 42.1
Total revenue ............................. $666.8 $676.3 $704.3 $692.2 $2,739.6
Operating income ......................... $267.5 $270.2 $264.3 $251.6 $1,053.6
Investment income, net ..................... 1.4 1.4 1.6 2.0 6.4
Income before income taxes ................. 268.9 271.6 265.9 253.6 1,060.0
Income taxes ............................. 97.6 98.6 96.5 92.4 385.1
Net income .............................. $171.3 $173.0 $169.4 $161.2 $ 674.9
Basic earnings per share(1) ................... $ 0.47 $ 0.48 $ 0.47 $ 0.44 $ 1.86
Diluted earnings per share(1) ................. $ 0.47 $ 0.47 $ 0.46 $ 0.44 $ 1.85
Weighted-average common shares outstanding . . 363.1 363.0 363.2 362.3 362.9
Weighted-average common shares outstanding,
assuming dilution ....................... 364.7 364.6 365.0 364.5 364.6
Cash dividends per common share ............ $ 0.38 $ 0.38 $ 0.38 $ 0.38 $ 1.52
Total net realized gains(2) ................... $ 0.1 $ 0.1 $ — $ 0.1 $ 0.3
Three Months Ended
Fiscal 2014 August 31 November 30 February 28 May 31 Full Year
Service revenue(3) ......................... $603.1 $606.4 $639.9 $628.8 $2,478.2
Interest on funds held for clients .............. 10.0 10.0 10.5 10.2 40.7
Total revenue(3) ........................... $613.1 $616.4 $650.4 $639.0 $2,518.9
Operating income ......................... $255.1 $248.6 $250.7 $228.3 $ 982.7
Investment income, net ..................... 1.2 1.3 1.5 1.4 5.4
Income before income taxes ................. 256.3 249.9 252.2 229.7 988.1
Income taxes ............................. 93.5 91.2 92.1 83.8 360.6
Net income .............................. $162.8 $158.7 $160.1 $145.9 $ 627.5
Basic earnings per share(1) ................... $ 0.45 $ 0.43 $ 0.44 $ 0.40 $ 1.72
Diluted earnings per share(1) ................. $ 0.44 $ 0.43 $ 0.44 $ 0.40 $ 1.71
Weighted-average common shares outstanding . . 365.3 364.9 364.2 363.5 364.5
Weighted-average common shares outstanding,
assuming dilution ....................... 366.7 366.4 365.8 365.3 366.1
Cash dividends per common share ............ $ 0.35 $ 0.35 $ 0.35 $ 0.35 $ 1.40
Total net realized gains(2) ................... $ 0.2 $ — $ 0.3 $ 0.1 $ 0.6
(1) Each quarter is a discrete period and the sum of the four quarters’ basic and diluted earnings per share
amounts may not equal the full year amount.
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