Paychex 2016 Annual Report Download - page 81

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note P — Quarterly Financial Data (Unaudited)
In millions, except per share amounts
Three Months Ended
Fiscal 2016 August 31 November 30 February 29 May 31 Full Year
Service revenue ........................... $712.2 $711.3 $740.7 $741.6 $2,905.8
Interest on funds held for clients .............. 10.8 11.1 11.9 12.3 46.1
Total revenue ............................. $723.0 $722.4 $752.6 $753.9 $2,951.9
Operating income ......................... $296.1 $294.2 $280.0 $276.3 $1,146.6
Investment income/(loss), net ................ 1.4 1.6 1.7 (0.2) 4.5
Income before income taxes ................. 297.5 295.8 281.7 276.1 1,151.1
Income taxes ............................. 88.4 106.6 101.3 98.0 394.3
Net income .............................. $209.1 $189.2 $180.4 $178.1 $ 756.8
Basic earnings per share(1) ................... $ 0.58 $ 0.52 $ 0.50 $ 0.49 $ 2.10
Diluted earnings per share(1) ................. $ 0.58 $ 0.52 $ 0.50 $ 0.49 $ 2.09
Weighted-average common shares outstanding . . 361.1 360.7 360.5 360.3 360.7
Weighted-average common shares outstanding,
assuming dilution ....................... 362.8 362.3 362.2 360.7 362.5
Cash dividends per common share ............ $ 0.42 $ 0.42 $ 0.42 $ 0.42 $ 1.68
Total net realized gains(2) ................... $ — $ — $ 0.1 $ — $ 0.1
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
(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.
(2) Total net realized gains on the combined funds held for clients and corporate investment portfolios.
63