Earnings Per Share

6 Months Ended

Oct. 31, 2021

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)	2020		2021		2020		2021


Net income available to common stockholders	$	240	$	236	$	564	$	428

Share data (in thousands):
Basic average common shares outstanding	478,506		478,857		478,413		478,822
Dilutive effect of stock-based awards	2,242		1,661		2,172		1,793
Diluted average common shares outstanding	480,748		480,518		480,585		480,615

Basic earnings per share	$	0.50	$	0.49	$	1.18	$	0.89
Diluted earnings per share	$	0.50	$	0.49	$	1.17	$	0.89

We excluded common stock-based awards for approximately 301,000 shares and 743,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2020 and 2021, respectively. We excluded common stock-based awards for approximately 168,000 shares and 540,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2020 and 2021, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.