Earnings Per Share

12 Months Ended

Jun. 30, 2022

NOTE 3: EARNINGS PER SHARE

Basic and diluted earnings (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 (loss) from continuing operations attributable to common shareholders by the weighted average shares outstanding during each period.

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


(in 000s, except per share amounts)
	Year Ended June 30, 2022		Two Months Ended June 30, 2021 (Transition Period)		Year Ended April 30, 2021		Year Ended April 30, 2020

Net income from continuing operations attributable to shareholders	$	560,646	$	91,119	$	590,212	$	6,156
Amounts allocated to participating securities	(2,468)		(402)		(2,413)		(639)
Net income from continuing operations attributable to common shareholders	$	558,178	$	90,717	$	587,799	$	5,517

Basic weighted average common shares	168,519		181,473		186,832		196,701
Potential dilutive shares	2,916		3,389		1,945		1,407
Dilutive weighted average common shares	171,435		184,862		188,777		198,108
Earnings per share from continuing operations attributable to common shareholders:
Basic	$	3.31	$	0.50	$	3.15	$	0.03
Diluted	3.26		0.49		3.11		0.03

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 0.4 million, 0.8 million and 0.9 million shares of stock for fiscal years ended June 30, 2022, April 30, 2021 and April 30, 2020, respectively, and 0.3 million shares of stock for the Transition Period as the effect would be antidilutive.