Earnings Per Share

9 Months Ended

Jan. 31, 2016

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				Nine Months Ended
	January 31,				January 31,
(Dollars in millions, except per share amounts)	2015		2016		2015		2016
Net income available to common stockholders	$	186	$	190	$	543	$	545
Share data (in thousands):
Basic average common shares outstanding	211,126		201,182		212,189		204,242
Dilutive effect of stock-based awards	1,480		1,208		1,512		1,334
Diluted average common shares outstanding	212,606		202,390		213,701		205,576

Basic earnings per share	$	0.88	$	0.94	$	2.56	$	2.67
Diluted earnings per share	$	0.87	$	0.94	$	2.54	$	2.65

We excluded common stock-based awards for approximately 359,000 shares and 375,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2015 and 2016, respectively. We excluded common stock-based awards for approximately 363,000 shares and 478,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2015 and 2016, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.