Earnings Per Share

12 Months Ended

Mar. 31, 2020

Earnings Per Share Reconciliation [Abstract]

(17) 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 and ESPP purchase rights using the treasury stock method.


	Year Ended March 31,
(In millions, except per share amounts)	2020		2019		2018
Net income	$	3,039	$	1,019	$	1,043
Shares used to compute earnings per share:
Weighted-average common stock outstanding — basic	293		303		308
Dilutive potential common shares related to stock award plans and from assumed exercise of stock options	2		3		4


Weighted-average common stock outstanding — diluted	295		306		312
Earnings per share:
Basic	$	10.37	$	3.36	$	3.39
Diluted	$	10.30	$	3.33	$	3.34

For the fiscal years ended March 31, 2020 and 2019, two million 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. For the fiscal year ended March 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.

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 fiscal years ended March 31, 2020, 2019 and 2018.