We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

The following table presents information concerning basic and diluted earnings per share:


Year Ended April 30,	2024		2025		2026


Net income available to common stockholders	$	1,024	$	869	$	715

Share data (in thousands):
Basic average common shares outstanding	476,394		472,655		466,335
Dilutive effect of stock-based awards	826		295		398
Diluted average common shares outstanding	477,220		472,950		466,733

Basic earnings per share	$	2.15	$	1.84	$	1.53
Diluted earnings per share	$	2.14	$	1.84	$	1.53

We excluded common stock-based awards for approximately 1,689,000 shares, 3,325,000 shares, and 4,775,000 shares from the calculation of diluted earnings per share for 2024, 2025, and 2026, respectively, because they were not dilutive for those periods under the treasury stock method.