EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2022

Basic earnings per share excludes dilution and is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the applicable periods.

Diluted earnings per share reflects the potential dilution from stock options and RSU awards. The potential dilution from stock options exercisable into ordinary share equivalents and restricted share unit awards was computed using the treasury stock method based on the average fair market value of the Company's ordinary shares for the period.

The following table reflects the basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted income per share:


	Fiscal Year Ended March 31,
	2022		2021		2020
	(In millions, except per share amounts)
Basic earnings per share attributable to the shareholders of Flex Ltd.
Net income	$	940	$	613	$	88
Net income attributable to redeemable noncontrolling interest	4		—		—
Net income attributable to Flex Ltd.	$	936	$	613	$	88
Shares used in computation:
Weighted-average ordinary shares outstanding	476		499		509


Basic earnings per share	$	1.97	$	1.23	$	0.17

Diluted earnings per share attributable to the shareholders of Flex Ltd.
Net income	$	940	$	613	$	88
Net income attributable to redeemable noncontrolling interest	4		—		—
Net income attributable to Flex Ltd.	$	936	$	613	$	88
Shares used in computation:
Weighted-average ordinary shares outstanding	476		499		509
Weighted-average ordinary share equivalents from stock options and RSU awards (1)	7		7		3
Weighted-average ordinary shares and ordinary share equivalents outstanding	483		506		512
Diluted earnings per share	$	1.94	$	1.21	$	0.17

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(1)An immaterial amount of options to purchase ordinary shares and RSU awards during fiscal years 2022, 2021, and 2020, respectively were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary shares equivalents.