Earnings Per Share

3 Months Ended

Dec. 31, 2020

Earnings Per Share Reconciliation [Abstract]

(14) 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.


	Three Months Ended December 31,				Nine Months Ended December 31,
(In millions, except per share amounts)	2020		2019		2020		2019
Net income	$	211	$	346	$	761	$	2,621
Shares used to compute earnings per share:
Weighted-average common stock outstanding — basic	290		292		289		294
Dilutive potential common shares related to stock award plans and from assumed exercise of stock options	2		2		3		2
Weighted-average common stock outstanding — diluted	292		294		292		296
Earnings per share:
Basic	$	0.73	$	1.18	$	2.63	$	8.91
Diluted	$	0.72	$	1.18	$	2.61	$	8.85

For the three and nine months ended December 31, 2020, two million of restricted stock units, market-based restricted stock units and performance-based restricted stock units were excluded from the treasury stock method computation of diluted shares, respectively, as their inclusion would have had an antidilutive effect.

For the three and nine months ended December 31, 2019, two million of restricted stock units and market-based restricted stock units were excluded from the treasury stock method computation of diluted shares, respectively, as their inclusion would have had an antidilutive effect.