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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Revenue, net $ 449,367 $ 455,675 $ 1,308,890 $ 1,318,850
Costs and Expenses        
Cost of sales [1] 143,879 136,362 [2] 404,194 394,444 [2]
Operating and administrative expenses [1],[2] 240,715 239,548 717,348 703,158
Restructuring and related (credits) charges (348) 2,208 3,562 26,531
Amortization of intangibles 14,775 12,163 39,825 35,965
Total Costs and Expenses 399,021 390,281 1,164,929 1,160,098
Operating Income 50,346 65,394 [3] 143,961 158,752 [3]
Interest Expense (5,346) (3,295) (11,750) (10,023)
Foreign Exchange Transaction Losses (2,525) (6,032) (4,308) (11,584)
Interest and Other Income 2,742 2,200 7,717 6,694
Income Before Taxes 45,217 58,267 135,620 143,839
Provision (Benefit) for Income Taxes 10,275 (10,575) 30,599 5,713
Net Income $ 34,942 $ 68,842 $ 105,021 $ 138,126
Earnings Per Share        
Basic (in dollars per share) $ 0.61 $ 1.21 $ 1.83 $ 2.42
Diluted (in dollars per share) $ 0.61 $ 1.19 $ 1.81 $ 2.39
Weighted Average Number of Common Shares Outstanding        
Basic (in shares) 57,158 57,035 57,330 56,979
Diluted (in shares) 57,626 57,871 57,882 57,736
[1] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs related to the Education Services business. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Unaudited Condensed Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Condensed Consolidated Statements of Income for the three and nine months ended January 31, 2018 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $11.2 million and $34.7 million for the three and nine months ended January 31, 2018, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to Note 3, "Acquisition," in the Notes to Unaudited Condensed Consolidated Financial Statements for more information.
[2] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits of $2.0 million and $6.0 million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income for the three and nine months ended January 31, 2018, respectively. Total net benefits related to the non-service components of defined benefit and other post-employment benefit plans were $2.1 million and $6.6 million for the three and nine months ended January 31, 2019, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Unaudited Condensed Consolidated Financial Statements for more information.
[3] Due to the retrospective adoption of ASU 2017-07, total net benefits of $2.0 million and $6.0 million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the three and nine months ended January 31, 2018, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Unaudited Condensed Consolidated Financial Statements for more information. The impact of the reclassification on Contribution to Profit by segment for the three months ended January 31, 2018 was $1.0 million in Research, $0.6 million in Publishing, and $0.4 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the nine months ended January 31, 2018 was $3.1 million in Research, $1.7 million in Publishing, and $1.2 million in Corporate expenses.