Earnings Per Share

6 Months Ended

Oct. 31, 2019

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				Six Months Ended
	October 31,				October 31,
(Dollars in millions, except per share amounts)	2018		2019		2018		2019
Net income available to common stockholders	$	249	$	282	$	449	$	468

Share data (in thousands):
Basic average common shares outstanding	480,436		477,680		480,647		477,522
Dilutive effect of stock-based awards	3,155		2,801		3,316		2,760
Diluted average common shares outstanding	483,591		480,481		483,963		480,282

Basic earnings per share	$	0.52	$	0.59	$	0.93	$	0.98
Diluted earnings per share	$	0.52	$	0.59	$	0.93	$	0.97

We excluded common stock-based awards for approximately 595,000 shares and 522,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2018 and 2019, respectively. We excluded common stock-based awards for approximately 347,000 shares and 442,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2018 and 2019, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.