Paychex 2014 Annual Report Download - page 55

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PAYCHEX, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
In millions, except per share amounts
Year ended May 31, 2014 2013 2012
Revenue:
Service revenue ............................................... $2,478.2 $2,285.2 $2,186.2
Interest on funds held for clients .................................. 40.7 41.0 43.6
Total revenue ................................................ 2,518.9 2,326.2 2,229.8
Expenses:
Operating expenses ............................................ 732.5 671.3 670.1
Selling, general and administrative expenses ........................ 803.7 750.1 705.8
Total expenses ............................................... 1,536.2 1,421.4 1,375.9
Operating income .............................................. 982.7 904.8 853.9
Investment income, net ........................................... 5.4 6.6 6.4
Income before income taxes ...................................... 988.1 911.4 860.3
Income taxes ................................................... 360.6 342.4 312.3
Net income .................................................... $ 627.5 $ 569.0 $ 548.0
Other comprehensive (loss)/income, net of tax:
Unrealized (losses)/gains on securities, net of tax .................... (0.5) (15.7) 0.2
Total other comprehensive (loss)/income, net of tax .................. (0.5) (15.7) 0.2
Comprehensive income .......................................... $ 627.0 $ 553.3 $ 548.2
Basic earnings per share ......................................... $ 1.72 $ 1.56 $ 1.51
Diluted earnings per share ....................................... $ 1.71 $ 1.56 $ 1.51
Weighted-average common shares outstanding ...................... 364.5 363.8 362.4
Weighted-average common shares outstanding, assuming dilution ...... 366.1 364.7 363.0
Cash dividends per common share ................................ $ 1.40 $ 1.31 $ 1.27
See Notes to Consolidated Financial Statements.
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