Earnings Per Share

12 Months Ended

Apr. 30, 2023

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:


	2021		2022		2023


Net income available to common stockholders	$	903	$	838	$	783

Share data (in thousands):
Basic average common shares outstanding	478,527		478,879		479,155
Dilutive effect of stock-based awards	2,150		1,686		1,310
Diluted average common shares outstanding	480,677		480,565		480,465

Basic earnings per share	$	1.89	$	1.75	$	1.63
Diluted earnings per share	$	1.88	$	1.74	$	1.63

We excluded common stock-based awards for approximately 234,000 shares, 691,000 shares, and 1,107,000 shares from the calculation of diluted earnings per share for 2021, 2022, and 2023, respectively, because they were not dilutive for those periods under the treasury stock method.