Earnings Per Share

9 Months Ended

Jan. 31, 2022

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)	2021		2022		2021		2022


Net income available to common stockholders	$	219	$	259	$	783	$	687

Share data (in thousands):
Basic average common shares outstanding	478,599		478,887		478,471		478,844
Dilutive effect of stock-based awards	2,237		1,680		2,194		1,755
Diluted average common shares outstanding	480,836		480,567		480,665		480,599

Basic earnings per share	$	0.46	$	0.54	$	1.64	$	1.43
Diluted earnings per share	$	0.45	$	0.54	$	1.63	$	1.43

We excluded common stock-based awards for approximately 298,000 shares and 789,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2021 and 2022, respectively. We excluded common stock-based awards for approximately 211,000 shares and 623,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2021 and 2022, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.