In millions, except per share amounts Year ended May 31,
2014 (1)
2013 (2)
2012
2011
2010 (3)
Service revenue
$
2,478.2
$
2,285.2
$
2,186.2
$
2,036.2
$
1,945.8
Interest on funds held for clients
40.7
41.0
43.6
48.1
55.0
Total revenue
$
2,518.9
$
2,326.2
$
2,229.8
$
2,084.3
$
2,000.8
Operating income
$
982.7
$
904.8
$
853.9
$
786.4
$
724.8
Net income
$
627.5
$
569.0
$
548.0
$
515.3
$
477.0
Diluted earnings per share
$
1.71
$
1.56
$
1.51
$
1.42
$
1.32
Cash dividends per common share
$
1.40
$
1.31
$
1.27
$
1.24
$
1.24
Purchases of property and equipment
$
84.1
$
98.7
$
89.6
$
100.5
$
61.3
Cash and total corporate investments
$
936.8
$
874.6
$
790.0
$
671.3
$
656.9
Total assets
$
6,370.1
$
6,163.7
$
6,479.6
$
5,393.8
$
5,226.3
Total debt
$
—
$
—
$
—
$
—
$
—
Stockholders’ equity
$
1,777.0
$
1,773.7
$
1,604.5
$
1,496.2
$
1,402.0
Return on stockholders’ equity
35
%
34
%
34
%
35
%
34
%
(1)
With the introduction of a new health care offering within the PEO, the Company began to recognize certain PEO direct costs as operating expenses rather than as a reduction in service revenue. In the table above, this impacted service revenue and total revenue, but had no impact on operating income. Refer to the Results of Operations section of Item 7 of this Form 10-K and Note O of the Notes to Consolidated Financial Statements, contained in Item 8 of this Form 10-K, for further details on the impact to service revenue, total revenue, and operating expenses.
(2)
In the fourth quarter of fiscal 2013, the Company increased its tax provision related to the settlement of a state income tax matter. This reduced diluted earnings per share by approximately $0.04 per share.
(3)
Includes an expense charge of $18.7 million to increase the Rapid Payroll litigation reserve.
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