Earnings Per Share

12 Months Ended

Apr. 30, 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:


	2020		2021		2022


Net income available to common stockholders	$	827	$	903	$	838

Share data (in thousands):
Basic average common shares outstanding	477,765		478,527		478,879
Dilutive effect of stock-based awards	2,644		2,150		1,686
Diluted average common shares outstanding	480,409		480,677		480,565

Basic earnings per share	$	1.73	$	1.89	$	1.75
Diluted earnings per share	$	1.72	$	1.88	$	1.74

We excluded common stock-based awards for approximately 301,000 shares, 234,000 shares, and 691,000 shares from the calculation of diluted earnings per share for 2020, 2021, and 2022, respectively, because they were not dilutive for those periods under the treasury stock method.