QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

May 31, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

Summarized quarterly results for the years ended May 31, 2016 and 2015 are as follows (in thousands, except per share data):



	Quarter Ended
	August 31,		November 30,		February 29,		May 31,

2016
Revenues	$	748,796	$	722,350	$	679,940	$	747,064
Operating income	137,772		123,165		107,805		56,202
Net income	93,048		83,078		72,912		41,179
Net income attributable to Global Payments	86,646		78,771		69,061		37,188
Basic earnings per share attributable to Global Payments	0.66		0.61		0.53		0.27
Diluted earnings per share attributable to Global Payments	0.66		0.60		0.53		0.26

	Quarter Ended
	August 31,		November 30,		February 28,		May 31,
2015
Revenues	$	704,895	$	697,291	$	664,983	$	706,549
Operating income	124,398		123,984		104,615		103,600
Net income	84,434		85,256		69,315		70,110
Net income attributable to Global Payments	75,366		74,781		62,568		65,325
Basic earnings per share attributable to Global Payments	0.55		0.55		0.47		0.50
Diluted earnings per share attributable to Global Payments	0.55		0.55		0.46		0.49

The financial data in the table above for the quarter ended May 31, 2016 reflect the effects of our merger with Heartland and the refinancing and expansion of our debt facilities, which were completed on April 22, 2016. See "Note 2 - Acquisitions" in the notes to the accompanying consolidated financial statements for further discussion of the merger with Heartland.

Operating income, net income, net income attributable to Global Payments and basic and diluted earnings per share for the quarter ended May 31, 2015 include the effects of employee termination costs of $6.3 million (pre-tax) and a $1.2 million (pre-tax) charge for a transaction tax associated with the acquisition of Realex. Net income, net income attributable to Global Payments and basic and diluted earnings per share for the quarter ended May 31, 2015 also include the effect of the reversal of interest expense of $3.6 million (pre-tax) that had been previously accrued related to a previously unrecognized tax benefit. An out-of-period immaterial correction related to the measurement of certain deferred tax assets was recorded in the quarter ended May 31, 2015 as a charge to income tax expense of $14.3 million ($6.8 million of which related to the quarter ended August 31, 2014). This charge was offset by a corresponding income tax benefit recorded in the quarter ended May 31, 2015 related to a change in judgment regarding the tax rate at which those same deferred tax assets were expected to be realized in conjunction with the recognition of the previously unrecognized tax benefit related to an uncertain tax position in a foreign jurisdiction. See "Note 9 – Income Tax" for further information. Both amounts are included in the foreign income taxes line of the reconciliation between the federal statutory rate and the effective tax rate for the year ended May 31, 2015 in "Note 9 - Income Tax."