A Dark Vector Cognition product

Item 6. Selected Financial Data

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Item 6. Selected Financial Data

In millions, except per share amounts
Year ended May 31,2017(1)2016(2)2015(3)2014(3),(4)2013(3),(5)
Service revenue$3,100.7$2,905.8$2,697.5$2,478.2$2,285.2
Interest on funds held for clients$50.6$46.1$42.1$40.7$41.0
Total revenue$3,151.3$2,951.9$2,739.6$2,518.9$2,326.2
Operating income$1,239.6$1,146.6$1,053.6$982.7$904.8
Net income$817.3$756.8$674.9$627.5$569.0
Basic earnings per share$2.27$2.10$1.86$1.72$1.56
Diluted earnings per share$2.25$2.09$1.85$1.71$1.56
Cash dividends per common share$1.84$1.68$1.52$1.40$1.31
Purchases of property and equipment$94.3$97.7$102.8$84.1$98.7
Cash and total corporate investments$777.4$793.2$936.4$936.8$874.6
Total assets$6,833.7$6,440.8$6,467.5$6,321.0$6,127.3
Total debt$—$—$—$—$—
Stockholders’ equity$1,955.3$1,911.7$1,785.5$1,777.0$1,773.7
Return on stockholders’ equity42%40%36%35%34%
(1)In fiscal 2017, we early-adopted new accounting guidance related to employee stock-based compensation payments. As a result, a discrete tax benefit was recognized upon exercise or lapse of stock-based awards. This increased diluted earnings per share by approximately $0.05 per share.
(2)In fiscal 2016, a net tax benefit was recorded for income derived in prior tax years from customer-facing software we produced. This increased full-year diluted earnings per share by approximately $0.06 per share.
(3)During fiscal 2016, we adopted new accounting guidance related to the presentation of deferred taxes within the Consolidated Balance Sheets. As a result, a reclassification of prior year deferred tax amounts was made to conform to the May 31, 2016 presentation of deferred taxes within the Consolidated Balance Sheets. In the table above, a similar reclassification was made, which impacted total assets.
(4)With the introduction of a new health care offering within the PEO during the fiscal year ended May 31, 2014, 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.
(5)In fiscal year ended May 31, 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.

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