Earnings Per Share

12 Months Ended

Apr. 30, 2020

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. 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: 

	2018		2019		2020
Net income available to common stockholders	$	717	$	835	$	827
Share data (in thousands):
Basic average common shares outstanding	480,319		478,956		477,765
Dilutive effect of stock-based awards	3,929		3,111		2,644
Diluted average common shares outstanding	484,248		482,067		480,409
Basic earnings per share	$	1.49	$	1.74	$	1.73
Diluted earnings per share	$	1.48	$	1.73	$	1.72

We excluded common stock-based awards for approximately 805,000 shares, 447,000 shares, and 301,000 shares from the calculation of diluted earnings per share for 2018, 2019, and 2020, respectively, because they were not dilutive for those periods under the treasury stock method.