Earnings Per Share

6 Months Ended

Oct. 31, 2024

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:

	Three Months Ended				Six Months Ended
	October 31,				October 31,
(Dollars in millions, except per share amounts)	2023		2024		2023		2024
Net income available to common stockholders	$	242	$	258	$	473	$	453
Share data (in thousands):
Basic average common shares outstanding	479,200		472,660		479,262		472,647
Dilutive effect of stock-based awards	915		397		972		350
Diluted average common shares outstanding	480,115		473,057		480,234		472,997
Basic earnings per share	$	0.50	$	0.55	$	0.99	$	0.96
Diluted earnings per share	$	0.50	$	0.55	$	0.98	$	0.96

We excluded common stock-based awards for approximately 1,688,000 shares and 3,018,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2023 and 2024, respectively. We excluded common stock-based awards for approximately 1,486,000 shares and 2,800,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2023 and 2024, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.