Earnings Per Share

12 Months Ended

Apr. 30, 2021

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:


	2019		2020		2021


Net income available to common stockholders	$	835	$	827	$	903

Share data (in thousands):
Basic average common shares outstanding	478,956		477,765		478,527
Dilutive effect of stock-based awards	3,111		2,644		2,150
Diluted average common shares outstanding	482,067		480,409		480,677

Basic earnings per share	$	1.74	$	1.73	$	1.89
Diluted earnings per share	$	1.73	$	1.72	$	1.88

We excluded common stock-based awards for approximately 447,000 shares, 301,000 shares, and 234,000 shares from the calculation of diluted earnings per share for 2019, 2020, and 2021, respectively, because they were not dilutive for those periods under the treasury stock method.