Earnings Per Share

6 Months Ended

Oct. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards, including stock options, stock-settled stock appreciation rights, restricted stock units, deferred stock units, and shares of restricted stock. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

Some restricted shares have non-forfeitable rights to dividends declared on common stock. As a result, these restricted shares are considered participating securities in the calculation of earnings per share.

The following table presents information concerning basic and diluted earnings per share:

	Three Months Ended				Six Months Ended
	October 31,				October 31,
(Dollars in millions, except per share amounts)	2012		2013		2012		2013
Net income available to common stockholders	$	173	$	206	$	320	$	349
Share data (in thousands):
Basic average common shares outstanding	213,276		213,587		213,220		213,634
Dilutive effect of stock-based awards	1,615		1,617		1,623		1,614
Diluted average common shares outstanding	214,891		215,204		214,843		215,248
Basic earnings per share	$	0.81	$	0.97	$	1.50	$	1.63
Diluted earnings per share	$	0.80	$	0.96	$	1.49	$	1.62

We excluded common stock-based awards for approximately 508,000 shares and 410,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2012 and 2013, respectively. We excluded common stock-based awards for approximately 534,000 shares and 412,000 shares from the calculation of diluted earnings per share for the six months endedOctober 31, 2012 and 2013, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.