Earnings Per Share

9 Months Ended

Jan. 31, 2024

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)	2023		2024		2023		2024


Net income available to common stockholders	$	100	$	285	$	576	$	758

Share data (in thousands):
Basic average common shares outstanding	479,152		474,806		479,121		477,542
Dilutive effect of stock-based awards	1,308		760		1,361		902
Diluted average common shares outstanding	480,460		475,566		480,482		478,444

Basic earnings per share	$	0.21	$	0.60	$	1.20	$	1.59
Diluted earnings per share	$	0.21	$	0.60	$	1.20	$	1.58

We excluded common stock-based awards for approximately 1,257,000 shares and 1,658,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2023 and 2024, respectively. We excluded common stock-based awards for approximately 1,059,000 shares and 1,544,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2023 and 2024, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.