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Capital Stock and Changes in Capital Accounts
 12 Months Ended
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.