Earnings Per Share

9 Months Ended

Jan. 29, 2016

Earnings per share is calculated using the two-class method, as the Company's A Preferred Shares, issued as part of the Transactions, are considered a participating security. Accordingly, earnings are allocated to both ordinary shares and participating securities in determining earnings per ordinary share. Due to the limited number of A Preferred Shares outstanding, this allocation had no effect on ordinary earnings per share; therefore, it is not presented below. Basic earnings per share is computed based on the weighted average number of ordinary shares outstanding. Diluted earnings per share is computed based on the weighted average number of ordinary shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive ordinary shares been issued, and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive ordinary shares include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan.

The table below sets forth the computation of basic and diluted earnings per share:



	Three months ended				Nine months ended
(in millions, except per share data)	January 29, 2016		January 23, 2015		January 29, 2016		January 23, 2015
Numerator:
Net income attributable to ordinary shareholders	$	1,095	$	977	$	2,435	$	2,676
Denominator:
Basic – weighted average shares outstanding	1,406.6		983.8		1,412.5		986.6
Effect of dilutive securities:
Employee stock options	12.0		8.0		12.5		7.6
Employee restricted stock units	3.5		3.9		4.1		4.2
Other	0.1		0.1		0.1		0.1
Diluted – weighted average shares outstanding	1,422.2		995.8		1,429.2		998.5

Basic earnings per share	$	0.78	$	0.99	$	1.72	$	2.71
Diluted earnings per share	$	0.77	$	0.98	$	1.70	$	2.68

The calculation of weighted average diluted shares outstanding excludes approximately 5 million and 4 million options for the three and nine months ended January 29, 2016, respectively, and approximately 2 million options for both the three and nine months ended January 23, 2015, respectively, because their effect would have been anti-dilutive on the Company’s earnings per share. Additionally, the calculation of weighted average diluted shares outstanding excludes approximately 21 million shares for both the three and nine months ended January 29, 2016, respectively, and approximately 1 million restricted stock units for both the three and nine months ended January 23, 2015, respectively, because the performance criteria had not yet been met.