Earnings Per Share

3 Months Ended

Jul. 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).

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

	Three Months Ended
	July 31,
(Dollars in millions, except per share amounts)	2013		2014
Net income available to common stockholders	$	143	$	150
Share data (in thousands):
Basic average common shares outstanding	213,709		213,444
Dilutive effect of stock-based awards	1,611		1,575
Diluted average common shares outstanding	215,320		215,019
Basic earnings per share	$	0.67	$	0.70
Diluted earnings per share	$	0.66	$	0.70

We excluded common stock-based awards for approximately 414,000 shares and 366,000 shares from the calculation of diluted earnings per share for the three months ended July 31, 2013 and 2014, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.