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Earnings per Share
6 Months Ended
Oct. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Share
We computed net income (loss) per common share (“basic earnings per share”) under the two-class method for the three and six months ended October 31, 2024 and 2023, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. Further, we computed net income (loss) per common share – assuming dilution (“diluted earnings per share”) under the two-class and treasury stock methods to determine the method that was most dilutive, in accordance with FASB ASC 260, Earnings Per Share. For the three and six months ended October 31, 2024 and 2023, the computation of 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.
The following table sets forth the computation of basic and diluted earnings per share under the two-class method.
 Three Months Ended October 31,Six Months Ended October 31,
 2024202320242023
Net income (loss)$(24.5)$194.9 $160.5 $378.5 
Less: Net income (loss) allocated to participating securities— 0.1 — 0.2 
Net income (loss) allocated to common stockholders$(24.5)$194.8 $160.5 $378.3 
Weighted-average common shares outstanding106.4 102.1 106.4 102.3 
Add: Dilutive effect of stock options— 0.1 — 0.1 
Weighted-average common shares outstanding – assuming dilution106.4 102.2 106.4 102.4 
Net income (loss) per common share$(0.23)$1.91 $1.51 $3.70 
Net income (loss) per common share – assuming dilution$(0.23)$1.91 $1.51 $3.70 
The following table sets forth the computation of diluted earnings per share under the treasury stock method.
Three Months Ended October 31,Six Months Ended October 31,
2024202320242023
Net income (loss)$(24.5)$194.9 $160.5 $378.5 
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding106.4 102.1 106.4 102.3 
Add: Dilutive effect of stock options— 0.1 — 0.1 
Add: Dilutive effect of restricted shares, restricted stock units, and performance units0.3 0.2 0.2 0.2 
Weighted-average common shares outstanding – assuming dilution106.7 102.4 106.6 102.6 
Net income (loss) per common share – assuming dilution$(0.23)$1.90 $1.51 $3.69