Earnings Per Share

9 Months Ended

Jan. 31, 2017

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. 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)	2016		2017		2016		2017
Net income available to common stockholders	$	190	$	182	$	545	$	524
Share data (in thousands):
Basic average common shares outstanding	402,365		384,520		408,483		388,884
Dilutive effect of stock-based awards	2,416		2,646		2,668		2,812
Diluted average common shares outstanding	404,781		387,166		411,151		391,696

Basic earnings per share	$	0.47	$	0.47	$	1.33	$	1.35
Diluted earnings per share	$	0.47	$	0.47	$	1.33	$	1.34

We excluded common stock-based awards for approximately 750,000 shares and 2,231,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2016 and 2017, respectively. We excluded common stock-based awards for approximately 956,000 shares and 1,780,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2016 and 2017, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.