Notes to Financial Statements
NOTE 2 — EARNINGS PER SHARE
Basic earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.
The components of basic and diluted EPS were as follows:
(In millions, except per share amounts) |
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Net income available for common shareholders (A) |
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$ |
21,939 |
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$ |
18,299 |
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$ |
66,100 |
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$ |
52,280 |
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Weighted average outstanding shares of common stock (B) |
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7,431 |
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7,441 |
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7,431 |
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7,450 |
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Dilutive effect of stock-based awards |
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41 |
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23 |
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36 |
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24 |
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Common stock and common stock equivalents (C) |
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7,472 |
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7,464 |
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7,467 |
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7,474 |
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Earnings Per Share |
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Basic (A/B) |
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$ |
2.95 |
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$ |
2.46 |
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$ |
8.90 |
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$ |
7.02 |
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Diluted (A/C) |
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$ |
2.94 |
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$ |
2.45 |
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$ |
8.85 |
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$ |
6.99 |
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Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.
