EARNINGS PER SHARE

6 Months Ended

Dec. 31, 2019

NOTE 2 — EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.

The components of basic and diluted EPS were as follows:

(In millions, except earnings per share)	Three Months Ended December 31,					Six Months Ended December 31,


	2019		2018		2019		2018

Net income available for common shareholders (A)	$	11,649	$	8,420	$	22,327	$	17,244


Weighted average outstanding shares of common stock (B)		7,621		7,692		7,628		7,683
Dilutive effect of stock-based awards		70		76		73		84


Common stock and common stock equivalents (C)		7,691		7,768		7,701		7,767


Earnings Per Share

Basic (A/B)	$	1.53	$	1.09	$	2.93	$	2.24
Diluted (A/C)	$	1.51	$	1.08	$	2.90	$	2.22

Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.