Earnings Per Share

6 Months Ended

Oct. 31, 2022

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:


	Three Months Ended				Six Months Ended
	October 31,				October 31,
(Dollars in millions, except per share amounts)	2021		2022		2021		2022


Net income available to common stockholders	$	236	$	227	$	428	$	476

Share data (in thousands):
Basic average common shares outstanding	478,857		479,138		478,822		479,106
Dilutive effect of stock-based awards	1,661		1,411		1,793		1,388
Diluted average common shares outstanding	480,518		480,549		480,615		480,494

Basic earnings per share	$	0.49	$	0.47	$	0.89	$	0.99
Diluted earnings per share	$	0.49	$	0.47	$	0.89	$	0.99

We excluded common stock-based awards for approximately 743,000 shares and 1,006,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2021 and 2022, respectively. We excluded common stock-based awards for approximately 540,000 shares and 959,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2021 and 2022, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.