Earnings per Share

9 Months Ended

Jan. 31, 2023

We computed net income per common share (“basic earnings per share”) under the two-class method for the three and nine months ended January 31, 2023 and 2022, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. For the three and nine months ended January 31, 2023, the computation of net income per common share – assuming dilution (“diluted earnings per share”) was more dilutive under the treasury stock method, as compared to the two-class method; therefore, the treasury stock method was used in accordance with Financial Accounting Standards Board Accounting Standards Codification 260, Earnings Per Share. Diluted earnings per share for the three and nine months ended January 31, 2022, was computed under the two-class method.

The following table sets forth the computation of basic earnings per share and diluted earnings per share under the two-class method.


	Three Months Ended January 31,				Nine Months Ended January 31,
	2023		2022		2023		2022
Net income	$	208.5	$	69.7	$	509.4	$	429.6
Less: Net income allocated to participating securities	0.2		0.1		0.7		1.2
Net income allocated to common stockholders	$	208.3	$	69.6	$	508.7	$	428.4
Weighted-average common shares outstanding	106.5		108.1		106.4		108.1
Add: Dilutive effect of stock options	0.1		0.1		0.1		—
Weighted-average common shares outstanding – assuming dilution	106.6		108.2		106.5		108.1
Net income per common share	$	1.96	$	0.64	$	4.78	$	3.96
Net income per common share – assuming dilution	$	1.95	$	0.64	$	4.78	$	3.96

The following table sets forth the computation of diluted earnings per share under the treasury stock method.


	Three Months Ended January 31, 2023		Nine Months Ended January 31, 2023
Net income	$	208.5	$	509.4
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding	106.5		106.4
Add: Dilutive effect of stock options	0.1		0.1
Add: Dilutive effect of restricted shares, restricted stock units, and performance units	0.4		0.4
Weighted-average common shares outstanding – assuming dilution	107.0		106.9
Net income per common share – assuming dilution	$	1.95	$	4.77