Earnings Per Share

9 Months Ended

Dec. 31, 2019

Earnings Per Share Reconciliation [Abstract]

EARNINGS PER SHARE

The following table summarizes the computations of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS is computed as net income divided by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation plans including stock options, restricted stock, restricted stock units, ESPP purchase rights, warrants, and other convertible securities using the treasury stock method.



	Three Months Ended December 31,				Nine Months Ended December 31,
(In millions, except per share amounts)	2019		2018		2019		2018
Net income	$	346	$	262	$	2,621	$	810
Shares used to compute earnings per share:
Weighted-average common stock outstanding — basic	292		302		294		304
Dilutive potential common shares related to stock award plans and from assumed exercise of stock options	2		2		2		3
Weighted-average common stock outstanding — diluted	294		304		296		307
Earnings per share:
Basic	$	1.18	$	0.87	$	8.91	$	2.66
Diluted	$	1.18	$	0.86	$	8.85	$	2.64

For the three and nine months ended December 31, 2019, 2 million of restricted stock units and market-based restricted stock units were excluded from the treasury stock method computation of diluted shares as their inclusion would have had an antidilutive effect. Our performance-based restricted stock units, which are considered contingently issuable shares, are also excluded from the treasury stock method computation because the related performance-based milestones were not achieved as of the end of the reporting period.

For the three and nine months ended December 31, 2018, an immaterial amount of restricted stock units and market-based restricted stock units were excluded from the treasury stock method computation of diluted shares as their inclusion would have had an antidilutive effect.