Earnings Per Share

9 Months Ended

Jan. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards, including stock options, stock-settled stock appreciation rights, restricted stock units, deferred stock units, and shares of restricted stock. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

Some restricted shares have non-forfeitable rights to dividends declared on common stock. As a result, these restricted shares are considered participating securities in the calculation of earnings per share.

The following table presents information concerning basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
(Dollars in millions, except per share amounts)	2013		2014		2013		2014
Net income available to common stockholders	$	157	$	177	$	478	$	526
Share data (in thousands):
Basic average common shares outstanding	213,459		213,151		213,301		213,493
Dilutive effect of stock-based awards	1,592		1,641		1,612		1,623
Diluted average common shares outstanding	215,051		214,792		214,913		215,116
Basic earnings per share	$	0.74	$	0.83	$	2.24	$	2.46
Diluted earnings per share	$	0.73	$	0.82	$	2.22	$	2.45

We excluded common stock-based awards for approximately 524,000 shares and 410,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2013 and 2014, respectively. We excluded common stock-based awards for approximately 531,000 shares and 411,000 shares from the calculation of diluted earnings per share for the nine months endedJanuary 31, 2013 and 2014, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.