Paychex 2011 Annual Report Download - page 51

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PAYCHEX, INC.
CONSOLIDATED STATEMENTS OF INCOME
In millions, except per share amounts
Year ended May 31, 2011 2010 2009
Revenue:
Service revenue ........................................... $2,036.2 $1,945.8 $2,007.3
Interest on funds held for clients .............................. 48.1 55.0 75.5
Total revenue ............................................ $2,084.3 $2,000.8 $2,082.8
Expenses:
Operating expenses ........................................ 653.6 653.6 680.5
Selling, general and administrative expenses ...................... 644.3 622.4 597.1
Total expenses ........................................... 1,297.9 1,276.0 1,277.6
Operating income .......................................... 786.4 724.8 805.2
Investment income, net ....................................... 5.8 4.5 6.9
Income before income taxes................................... 792.2 729.3 812.1
Income taxes ............................................... 276.9 252.3 278.6
Net income ................................................ $ 515.3 $ 477.0 $ 533.5
Basic earnings per share ..................................... $ 1.42 $ 1.32 $ 1.48
Diluted earnings per share ................................... $ 1.42 $ 1.32 $ 1.48
Weighted-average common shares outstanding .................... 361.8 361.4 360.8
Weighted-average common shares outstanding, assuming dilution ..... 362.4 361.7 361.0
Cash dividends per common share ............................. $ 1.24 $ 1.24 $ 1.24
See Notes to Consolidated Financial Statements.
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