EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2020

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 earnings per share)	Three Months Ended March 31,					Nine Months Ended March 31,


	2020		2019		2020		2019

Net income available for common shareholders (A)	$	10,752	$	8,809	$	33,079	$	26,053


Weighted average outstanding shares of common stock (B)		7,602		7,672		7,619		7,679
Dilutive effect of stock-based awards		73		72		74		80


Common stock and common stock equivalents (C)		7,675		7,744		7,693		7,759


Earnings Per Share

Basic (A/B)	$	1.41	$	1.15	$	4.34	$	3.39
Diluted (A/C)	$	1.40	$	1.14	$	4.30	$	3.36

Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.