Earnings Per Share

6 Months Ended

Oct. 26, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 16 – 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				Six months ended
	October 26,		October 28,		October 26,		October 28,
(in millions, except per share data)	2012		2011		2012		2011
Numerator:
Earnings from continuing operations	$	646	$	864	$	1,510	$	1,683
Earnings from discontinued operations		-		7		-		9
Net earnings	$	646	$	871	$	1,510	$	1,692
Denominator:
Basic – weighted average shares outstanding		1,019.4		1,058.1		1,024.4		1,060.6
Effect of dilutive securities:
Employee stock options		2.7		0.2		2.1		0.7
Employee restricted stock units		5.6		4.6		5.6		4.7
Other		0.1		0.2		0.1		0.2
Diluted – weighted average shares outstanding		1,027.8		1,063.1		1,032.2		1,066.2
Basic earnings per share:
Earnings from continuing operations	$	0.63	$	0.82	$	1.47	$	1.59
Earnings from discontinued operations	$	-	$	0.01	$	-	$	0.01
Net earnings*	$	0.63	$	0.82	$	1.47	$	1.60
Diluted earnings per share:
Earnings from continuing operations	$	0.63	$	0.81	$	1.46	$	1.58
Earnings from discontinued operations	$	-	$	0.01	$	-	$	0.01
Net earnings	$	0.63	$	0.82	$	1.46	$	1.59
* - All earnings per share amounts have been rounded to the nearest $0.01, and therefore, may not sum.

The calculation of weighted average diluted shares outstanding excludes options for approximately 41 millionshares of common stock for boththe three and six months ended October 26, 2012, and approximately 63 million and 53 million shares of common stock for the three and six months ended October 28, 2011,respectively, because their effect would be anti-dilutive onthe Company's earnings per share. For the three and six months ended October 26, 2012 and October 28, 2011, common share equivalents related to the Company's $2.200 billion of Senior Convertible Notes were anti-dilutive as the market price of the Company's stock was below the conversion price of the Senior Convertible Notes and, therefore, were excluded from the calculation of weighted average diluted shares.