Earnings Per Share

12 Months Ended

Apr. 30, 2022

Note 5: Earnings Per Share

We computed basic earnings per share under the two-class method for 2022, 2021, and 2020, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. For 2022, the computation of diluted earnings per share was more dilutive under the treasury stock method, as compared to the two-class method; therefore, the treasury stock method was used in accordance with FASB ASC 260, Earnings Per Share. Diluted earnings per share for 2021 and 2020 was computed under the two-class method.

The following table sets forth the computation of basic earnings per share and diluted earnings per share under the two-class method.


	Year Ended April 30,
	2022		2021		2020
Net income	$	631.7	$	876.3	$	779.5
Less: Net income allocated to participating securities	1.8		3.7		4.4
Net income allocated to common stockholders	$	629.9	$	872.6	$	775.1
Weighted-average common shares outstanding	107.9		112.0		113.4
Add: Dilutive effect of stock options	—		—		—
Weighted-average common shares outstanding – assuming dilution	107.9		112.0		113.4
Net income per common share	$	5.84	$	7.79	$	6.84
Net income per common share – assuming dilution	$	5.84	$	7.79	$	6.84

The following table sets forth the computation of diluted earnings per share under the treasury stock method for the year ended April 30, 2022.


Net income	$	631.7
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding	107.9
Add: Dilutive effect of stock options	—
Add: Dilutive effect of restricted shares, restricted stock units, and performance units	0.5
Weighted-average common shares outstanding – assuming dilution	108.4
Net income per common share – assuming dilution	$	5.83