Earnings Per Share

12 Months Ended

Apr. 30, 2018

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. 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:



	2016		2017		2018
Net income available to common stockholders	$	1,067	$	669	$	717
Share data (in thousands):
Basic average common shares outstanding	507,441		484,635		480,319
Dilutive effect of stock-based awards	3,259		3,442		3,929
Diluted average common shares outstanding	510,700		488,077		484,248

Basic earnings per share	$	2.10	$	1.38	$	1.49
Diluted earnings per share	$	2.09	$	1.37	$	1.48

We excluded common stock-based awards for approximately 1,131,000 shares, 2,145,000 shares, and 805,000 shares from the calculation of diluted earnings per share for 2016, 2017, and 2018, respectively, because they were not dilutive for those periods under the treasury stock method.