Earnings Per Share

12 Months Ended

Apr. 30, 2023

Note 5: Earnings Per Share

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


	Year Ended April 30,
	2023		2022		2021
Net income (loss)	$	(91.3)	$	631.7	$	876.3
Less: Net income (loss) allocated to participating securities	(0.1)		1.8		3.7
Net income (loss) allocated to common stockholders	$	(91.2)	$	629.9	$	872.6
Weighted-average common shares outstanding	106.2		107.9		112.0
Add: Dilutive effect of stock options	—		—		—
Weighted-average common shares outstanding – assuming dilution	106.2		107.9		112.0
Net income (loss) per common share	$	(0.86)	$	5.84	$	7.79
Net income (loss) per common share – assuming dilution	$	(0.86)	$	5.84	$	7.79

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


	Year Ended April 30,
	2023		2022		2021
Net income (loss)	$	(91.3)	$	631.7	$	876.3
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding	106.2		107.9		112.0
Add: Dilutive effect of stock options	—		—		—
Add: Dilutive effect of restricted shares, restricted stock units, and performance units	—		0.5		0.4
Weighted-average common shares outstanding – assuming dilution	106.2		108.4		112.4
Net income (loss) per common share – assuming dilution	$	(0.86)	$	5.83	$7.80

We computed basic earnings per share under the two-class method for 2023, 2022, and 2021, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. Further, we computed diluted earnings per share under the two-class method and treasury stock method to determine the method that was most dilutive, in accordance with FASB ASC 260, Earnings Per Share. In 2023, we recognized a net loss, and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of net income (loss) per common share – assuming dilution. Therefore, in 2023, diluted earnings per share was computed under the two-class method. In 2022, the computation of diluted earnings per share was more dilutive under the treasury stock method, while in 2021, diluted earnings per share was more dilutive under the two-class method.