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Note 2 - Correction of Immaterial Errors | 12 Months Ended
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Apr. 30, 2014
Accounting Changes and Error Corrections [Abstract] |
Accounting Changes and Error Corrections [Text Block] | 2. CORRECTION OF IMMATERIAL ERRORS Subsequent to the year ended April 30, 2014, through a routine IRS examination, the Company identified errors in excise taxes owed on ethanol gallon purchases, that resulted in an understatement of accrued expenses at April 30, 2014 and 2013 and cost of goods sold for the fiscal years ended 2014, 2013 and 2012. The excise tax liability is subject to interest charges and is deductible for income tax purposes. In accordance with the SEC’s Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Consolidated Statements of Income, Balance Sheets, Shareholders Equity and Cash Flows, management evaluated the materiality of the errors from qualitative and quantitative perspectives and concluded that the errors were immaterial to the Company’s historical financial statements. Consequently, the Company has revised its historical financial statements for the fiscal year ended April 30, 2014 as noted in the tables below. Statement of Income Data
|  | Year ended April 30, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | As Previously Reported |  |  | As Adjusted |  |  | As Previously Reported |  |  | As Adjusted |  |  | As Previously Reported |  |  | As Adjusted |
Cost of goods sold |  | $ | 6,605,996 |  |  | $ | 6,618,239 |  |  | $ | 6,168,475 |  |  | $ | 6,179,771 |  |  | $ | 5,984,114 |  |  | $ | 5,987,659 |
Interest, net |  |  | 39,270 |  |  |  | 39,915 |  |  |  | 35,048 |  |  |  | 35,265 |  |  |  | 35,192 |  |  |  | 35,192 |
Federal and state income taxes |  |  | 72,018 |  |  |  | 66,824 |  |  |  | 64,504 |  |  |  | 59,802 |  |  |  | 66,724 |  |  |  | 65,276 |
Net income |  |  | 134,514 |  |  |  | 126,820 |  |  |  | 110,625 |  |  |  | 103,814 |  |  |  | 116,791 |  |  |  | 114,694 |
Net income per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 3.50 |  |  | $ | 3.30 |  |  | $ | 2.89 |  |  | $ | 2.71 |  |  | $ | 3.07 |  |  | $ | 3.01 |
Diluted |  | $ | 3.46 |  |  | $ | 3.26 |  |  | $ | 2.86 |  |  | $ | 2.69 |  |  | $ | 3.04 |  |  | $ | 2.99 |
Balance Sheet Data
|  | As of April 30, |
|  | 2014 |  |  | 2013 |
|  | As Previously Reported |  |  | As Adjusted |  |  | As Previously Reported |  |  | As Adjusted |
Deferred income taxes (asset) |  | $ | 11,878 |  |  | $ | 23,292 |  |  | $ | 9,916 |  |  | $ | 16,066 |
Accrued expenses other |  |  | 33,171 |  |  |  | 61,117 |  |  |  | 29,436 |  |  |  | 44,494 |
Deferred income taxes (liability) |  |  | 317,953 |  |  |  | 318,023 |  |  |  | 293,708 |  |  |  | 293,708 |
Retained earnings |  |  | 685,988 |  |  |  | 669,386 |  |  |  | 579,176 |  |  |  | 570,268 |
Total shareholders’ equity |  |  | 719,866 |  |  |  | 703,264 |  |  |  | 602,295 |  |  |  | 593,387 |
Statement of Cash Flow Data
|  | Years ended April 30, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | As Previously Reported |  |  | As Adjusted |  |  | As Previously Reported |  |  | As Adjusted |  |  | As Previously Reported |  |  | As Adjusted |
Net income |  | $ | 134,514 |  |  | $ | 126,820 |  |  | $ | 110,625 |  |  | $ | 103,814 |  |  | $ | 116,791 |  |  | $ | 114,694 |
Deferred income taxes |  |  | 22,283 |  |  |  | 17,089 |  |  |  | 36,530 |  |  |  | 31,828 |  |  |  | 54,589 |  |  |  | 53,141 |
Accrued expenses |  |  | 20,930 |  |  |  | 33,818 |  |  |  | 4,270 |  |  |  | 15,783 |  |  |  | 7,399 |  |  |  | 10,944 |
In addition, the quarterly condensed consolidated financial statements have been revised as set forth below: Statement of Income Data (unaudited)
|  | Three months ended 7/31/13 |  |  | Three months ended 10/31/13 |  |  | Six months ended 10/31/13 |
|  | As Previously reported |  |  | As Adjusted |  |  | As Previously reported |  |  | As Adjusted |  |  | As Previously reported |  |  | As Adjusted |
Cost of goods sold |  | $ | 1,769,239 |  |  |  | 1,772,328 |  |  | $ | 1,693,584 |  |  |  | 1,696,600 |  |  | $ | 3,462,823 |  |  |  | 3,468,928 |
Interest, net |  |  | 9,456 |  |  |  | 9,576 |  |  |  | 9,748 |  |  |  | 9,896 |  |  |  | 19,204 |  |  |  | 19,472 |
Federal and state income taxes |  |  | 33,869 |  |  |  | 32,575 |  |  |  | 22,289 |  |  |  | 21,014 |  |  |  | 56,158 |  |  |  | 53,589 |
Net income |  |  | 55,710 |  |  |  | 53,795 |  |  |  | 41,319 |  |  |  | 39,430 |  |  |  | 97,029 |  |  |  | 93,225 |
Net income per |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.45 |  |  |  | 1.40 |  |  | $ | 1.07 |  |  |  | 1.03 |  |  | $ | 2.53 |  |  |  | 2.43 |
Diluted |  | $ | 1.43 |  |  |  | 1.39 |  |  | $ | 1.06 |  |  |  | 1.01 |  |  | $ | 2.50 |  |  |  | 2.40 |
Statement of Income Data(unaudited)cont.
|  | Three months ended 1/31/14 |  |  | Nine months ended 1/31/14 |
|  | As Previously reported |  |  | As Adjusted |  |  | As Previously reported |  |  | As Adjusted |
Cost of goods sold |  | $ | 1,510,182 |  |  |  | 1,513,365 |  |  | $ | 4,973,005 |  |  |  | 4,982,293 |
Interest, net |  |  | 9,947 |  |  |  | 10,123 |  |  |  | 29,151 |  |  |  | 29,595 |
Federal and state income taxes |  |  | 7,899 |  |  |  | 6,556 |  |  |  | 64,057 |  |  |  | 60,145 |
Net income |  |  | 14,669 |  |  |  | 12,653 |  |  |  | 111,698 |  |  |  | 105,878 |
Net income per |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.38 |  |  |  | 0.33 |  |  | $ | 2.91 |  |  |  | 2.76 |
Diluted |  | $ | 0.38 |  |  |  | 0.33 |  |  | $ | 2.87 |  |  |  | 2.73 |
Statement of Cash Flow Data (unaudited)
|  | Three months ended 7/31/13 |  |  | Six months ended 10/31/13 |  |  | Nine months ended 1/31/14 |
|  | As Previously reported |  |  | As Adjusted |  |  | As Previously reported |  |  | As Adjusted |  |  | As Previously reported |  |  | As Adjusted |
Net income |  | $ | 55,710 |  |  |  | 53,795 |  |  | $ | 97,029 |  |  |  | 93,225 |  |  | $ | 111,698 |  |  |  | 105,878 |
Deferred income taxes |  |  | 3,122 |  |  |  | 1,828 |  |  |  | 11,202 |  |  |  | 8,633 |  |  |  | 14,030 |  |  |  | 10,118 |
Accrued expenses |  |  | 20,005 |  |  |  | 23,214 |  |  |  | 12,904 |  |  |  | 19,277 |  |  |  | 18,933 |  |  |  | 28,665 |
In addition, the following notes to the condensed consolidated financial statements have been affected by the revisions for the correction of these immaterial errors: Footnotes 3, 6, 7 and 13.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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