Loss Per Share And Stockholders' Equity

6 Months Ended

Oct. 31, 2011

Loss Per Share And Stockholders' Equity [Abstract]

Loss Per Share And Stockholders' Equity

2. Loss Per Share and Stockholders' Equity

Basic and diluted loss per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income from continuing operations attributable to common shareholders by the weighted average shares outstanding during each period. The dilutive effect of potential common shares is included in diluted earnings per share except in those periods with a loss from continuing operations. Diluted earnings per share excludes the impact of shares of common stock issuable upon the lapse of certain restrictions or the exercise of options to purchase 13.0 million shares for the three and six months ended October 31, 2011, and 15.6 million shares for the three and six months ended October 31, 2010, as the effect would be antidilutive due to the net loss from continuing operations during each period.

The computations of basic and diluted loss per share from continuing operations are as follows:

					(in 000s, except per share amounts)
		Three months ended October 31,						Six months ended October 31,
		2011			2010			2011			2010
Net loss from continuing operations attributable to shareholders	$	(123,013	)	$	(111,444	)	$	(242,168	)	$	(239,252	)
Amounts allocated to participating securities (nonvested shares)		62			(26	)		176			(7	)
Net loss from continuing operations attributable to common
shareholders	$	(123,075	)	$	(111,418	)	$	(242,344	)	$	(239,245	)
Basic weighted average common shares		299,895			306,804			302,693			313,247
Potential dilutive shares		—			—			—			—
Dilutive weighted average common shares		299,895			306,804			302,693			313,247
Loss per share from continuing operations:
Basic	$	(0.41	)	$	(0.36	)	$	(0.80	)	$	(0.77	)
Diluted		(0.41	)		(0.36	)		(0.80	)		(0.77	)

     The weighted average shares outstanding for the three and six months ended October 31, 2011 decreased to 299.9 million and 302.7 million, respectively, from 306.8 million and 313.2 million for the three and six months ended October 31, 2010, respectively, primarily due to share repurchases completed in the current year. During the six months ended October 31, 2011, we purchased and immediately retired 13.0 million shares of our common stock at a cost of $177.5 million. The cost of shares retired during the current period was allocated to the components of stockholders' equity as follows:

		(in 000s)
Common stock	$	130
Additional paid-in capital		7,826
Retained earnings		169,548
	$	177,504

     During the six months ended October 31, 2010, we purchased and immediately retired 19.0 million shares of our common stock at a cost of $279.9 million.

     During the six months ended October 31, 2011 and 2010, we issued 0.8 million and 1.0 million shares of common stock, respectively, due to the exercise of stock options, employee stock purchases and vesting of nonvested shares.

     During the six months ended October 31, 2011, we acquired 0.2 million shares of our common stock at an aggregate cost of $2.7 million, and during the six months ended October 31, 2010, we acquired 0.2 million shares at an aggregate cost of $3.5 million. Shares acquired during these periods represented shares swapped or surrendered to us in connection with the vesting of nonvested shares and the exercise of stock options.

     During the six months ended October 31, 2011, we granted 2.3 million stock options and 1.0 million nonvested shares and units under our stock-based compensation plans. The weighted average fair value of options granted was $3.37 for management options. These awards vest over a three year period with one-third vesting each year. Stock-based compensation expense of our continuing operations totaled $4.5 million and $7.8 million for the three and six months ended October 31, 2011, respectively, and $1.8 million and $3.8 million for the three and six months ended October 31, 2010, respectively. At October 31, 2011, unrecognized compensation cost for options totaled $8.5 million, and for nonvested shares and units totaled $19.8 million.