Earnings Per Share

9 Months Ended

Jan. 23, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share is computed based on the weighted average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued, and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan.

The table below sets forth the computation of basic and diluted earnings per share:

	Three months ended				Nine months ended
(in millions, except per share data)	January 23, 2015		January 24, 2014		January 23, 2015		January 24, 2014
Numerator:
Net earnings	$	977	$	762	$	2,676	$	2,617
Denominator:
Basic – weighted average shares outstanding	983.8		998.3		986.6		1,002.7
Effect of dilutive securities:
Employee stock options	8.0		7.8		7.6		7.1
Employee restricted stock units	3.9		3.8		4.2		4.1
Other	0.1		0.1		0.1		0.1
Diluted – weighted average shares outstanding	995.8		1,010.0		998.5		1,014.0
Basic earnings per share	$	0.99	$	0.76	$	2.71	$	2.61
Diluted earnings per share	$	0.98	$	0.75	$	2.68	$	2.58

The calculation of weighted average diluted shares outstanding excludes options for approximately 2 million shares of common stock for both the three and nine months ended January 23, 2015, respectively, and 6 million shares of common stock for the nine months ended January 24, 2014, because their effect would be anti-dilutive on the Company’s earnings per share. For the three months ended January 24, 2014, there were no options that would have an anti-dilutive effect on the Company's earnings per share.