Earnings Per Share

12 Months Ended

Apr. 30, 2025

Note 6: Earnings Per Share

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,
	2025		2024		2023
Net income (loss)	$	(1,230.8)	$	744.0	$	(91.3)
Less: Net income (loss) allocated to participating securities	(0.1)		0.2		(0.1)
Net income (loss) allocated to common stockholders	$	(1,230.7)	$	743.8	$	(91.2)
Weighted-average common shares outstanding	106.4		104.1		106.2
Add: Dilutive effect of stock options	—		0.1		—
Weighted-average common shares outstanding – assuming dilution	106.4		104.2		106.2
Net income (loss) per common share	$	(11.57)	$	7.14	$	(0.86)
Net income (loss) per common share – assuming dilution	$	(11.57)	$	7.14	$	(0.86)

The following table sets forth the computation of diluted earnings per share under the treasury stock method.


	Year Ended April 30,
	2025		2024		2023
Net income (loss)	$	(1,230.8)	$	744.0	$	(91.3)
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding	106.4		104.1		106.2
Add: Dilutive effect of stock options	—		0.1		—
Add: Dilutive effect of restricted shares, restricted stock units, and performance units	—		0.2		—
Weighted-average common shares outstanding – assuming dilution	106.4		104.4		106.2
Net income (loss) per common share – assuming dilution	$	(11.57)	$	7.13	$	(0.86)

We computed basic earnings per share under the two-class method for 2025, 2024, and 2023, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. Further, we computed diluted earnings per share under the two-class method and treasury stock method to determine the method that was most dilutive, in accordance with FASB ASC 260, Earnings Per Share. In 2025 and 2023, we recognized a net loss, and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of diluted earnings per share. Therefore, in 2025 and 2023, diluted earnings per share was computed under the two-class method. In 2024, the computation of diluted earnings per share was more dilutive under the treasury stock method.