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Capital Stock and Changes in Capital Accounts | 12 Months Ended
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Apr. 30, 2022
Capital Stock and Changes in Capital Accounts [Abstract] |
Capital Stock and Changes in Capital Accounts | Note 19 – Capital Stock and Changes in Capital Accounts Each share of our Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote and each share of Class B stock is entitled to one vote. Share Repurchases During the year ended April 30, 2020, our Board of Directors approved an additional share repurchase program of $200 million of Class A or B Common Stock. As of April 30, 2022, we had authorization from our Board of Directors to purchase up to $197.5 million that was remaining under this program. The share repurchase program described above is in addition to the share repurchase program approved by our Board of Directors during the year ended April 30, 2017 of four million shares of Class A or B Common Stock. As of April 30, 2022, no additional shares were remaining under this program for purchase. The following table summarizes the share repurchases of Class A and B Common Stock during the years ended April 30 (shares in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Shares repurchased – Class A |  |  | 542 |  |  |  | 308 |  |  |  | 1,080 |
Shares repurchased – Class B |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Average price – Class A and Class B |  | $ | 55.14 |  |  | $ | 50.93 |  |  | $ | 43.05 |
Dividends The following table summarizes the cash dividends paid during the year ended April 30, 2022:
Date of Declaration by Board of Directors | Quarterly Cash Dividend | Total Dividend | Class of Common Stock | Dividend Paid Date | Shareholders of Record as of Date
June 22, 2021 | $0.3450 per common share | $19.3 million | Class A and Class B | July 21, 2021 | July 6, 2021
September 29, 2021 | $0.3450 per common share | $19.2 million | Class A and Class B | October 27, 2021 | October 12, 2021
December 15, 2021 | $0.3450 per common share | $19.2 million | Class A and Class B | January 12, 2022 | December 28, 2021
March 23, 2022 | $0.3450 per common share | $19.2 million | Class A and Class B | April 20, 2022 | April 5, 2022
Changes in Common Stock The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands).
Changes in Class A Common Stock: |  | 2022 |  |  | 2021 |  |  | 2020 |
Number of shares, beginning of year |  |  | 70,208 |  |  |  | 70,166 |  |  |  | 70,127 |
Common stock class conversions |  |  | 18 |  |  |  | 42 |  |  |  | 39 |
Number of shares issued, end of year |  |  | 70,226 |  |  |  | 70,208 |  |  |  | 70,166 |
Changes in Class A Common Stock in treasury: |  |  |  |  |  |  |  |  |  |  |  |
Number of shares held, beginning of year |  |  | 23,419 |  |  |  | 23,405 |  |  |  | 22,634 |
Purchases of treasury shares |  |  | 542 |  |  |  | 308 |  |  |  | 1,080 |
Restricted shares issued under stock-based compensation plans – non-PSU Awards |  |  | (323 | ) |  |  | (268 | ) |  |  | (232 | )
Restricted shares issued under stock-based compensation plans – PSU Awards |  |  | (108 | ) |  |  | (88 | ) |  |  | (68 | )
Shares issued under the Director Plan to Directors |  |  | (2 | ) |  |  | (6 | ) |  |  | (97 | )
Restricted shares, forfeited |  |  | — |  |  |  | — |  |  |  | 1 |
Restricted shares issued from exercise of stock options |  |  | (49 | ) |  |  | (60 | ) |  |  | (34 | )
Shares issued related to the acquisition of a business |  |  | (129 | ) |  |  | — |  |  |  | — |
Shares withheld for taxes |  |  | 167 |  |  |  | 129 |  |  |  | 122 |
Other |  |  | (2 | ) |  |  | (1 | ) |  |  | (1 | )
Number of shares held, end of year |  |  | 23,515 |  |  |  | 23,419 |  |  |  | 23,405 |
Number of Class A Common Stock outstanding, end of year |  |  | 46,711 |  |  |  | 46,789 |  |  |  | 46,761 |
Changes in Class B Common Stock: |  | 2022 |  |  | 2021 |  |  | 2020 |
Number of shares, beginning of year |  |  | 12,974 |  |  |  | 13,016 |  |  |  | 13,055 |
Common stock class conversions |  |  | (18 | ) |  |  | (42 | ) |  |  | (39 | )
Number of shares issued, end of year |  |  | 12,956 |  |  |  | 12,974 |  |  |  | 13,016 |
Changes in Class B Common Stock in treasury: |  |  |  |  |  |  |  |  |  |  |  |
Number of shares held, beginning of year |  |  | 3,922 |  |  |  | 3,920 |  |  |  | 3,918 |
Purchase of treasury shares |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Number of shares held, end of year |  |  | 3,924 |  |  |  | 3,922 |  |  |  | 3,920 |
Number of Class B Common Stock outstanding, end of year |  |  | 9,032 |  |  |  | 9,052 |  |  |  | 9,096 |
Warrants In connection with the acquisition of The Learning House, Inc. on November 1, 2018, a portion of the fair value of the consideration transferred was $0.6 million of warrants. The warrants were classified as equity and allowed the holder to purchase 400,000 shares of our Class A Common Stock at an exercise price of $90.00, subject to adjustments. The term of the warrants was three years and expired on November 1, 2021. The fair value of the warrants was determined using the Black-Scholes option pricing model.

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