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,
	2026		2025		2024
Net income (loss)	$	(138.7)	$	(1,230.8)	$	744.0
Less: Net income (loss) allocated to participating securities	—		(0.1)		0.2
Net income (loss) allocated to common stockholders	$	(138.7)	$	(1,230.7)	$	743.8
Weighted-average common shares outstanding	106.7		106.4		104.1
Add: Dilutive effect of stock options	—		—		0.1
Weighted-average common shares outstanding – assuming dilution	106.7		106.4		104.2
Net income (loss) per common share	$	(1.30)	$	(11.57)	$	7.14
Net income (loss) per common share – assuming dilution	$	(1.30)	$	(11.57)	$	7.14


	Year Ended April 30,
	2026		2025		2024
Net income (loss)	$	(138.7)	$	(1,230.8)	$	744.0
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding	106.7		106.4		104.1
Add: Dilutive effect of stock options	—		—		0.1
Add: Dilutive effect of restricted shares, restricted stock units, and performance units	—		—		0.2
Weighted-average common shares outstanding – assuming dilution	106.7		106.4		104.4
Net income (loss) per common share – assuming dilution	$	(1.30)	$	(11.57)	$	7.13

We computed basic earnings per share under the two-class method for 2026, 2025, and 2024, 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 2026 and 2025, we recognized a net loss, and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of diluted earnings per share. In 2024, the computation of diluted earnings per share was more dilutive under the treasury stock method.