Earnings Per Share

6 Months Ended

Oct. 31, 2015

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).

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)	2014		2015		2014		2015
Net income available to common stockholders	$	208	$	200	$	358	$	356
Share data (in thousands):
Basic average common shares outstanding	212,087		204,055		212,674		205,558
Dilutive effect of stock-based awards	1,482		1,376		1,528		1,375
Diluted average common shares outstanding	213,569		205,431		214,202		206,933

Basic earnings per share	$	0.98	$	0.98	$	1.68	$	1.73
Diluted earnings per share	$	0.97	$	0.97	$	1.67	$	1.72

We excluded common stock-based awards for approximately 363,000 shares and 415,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2014 and 2015, respectively. We excluded common stock-based awards for approximately 365,000 shares and 530,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2014 and 2015, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.