XML 48 R29.htm IDEA: XBRL DOCUMENT v3.23.2
Capital Stock and Changes in Capital Accounts
 12 Months Ended
Apr. 30, 2023
Stockholders' Equity Note [Abstract]  
Capital Stock and Changes in Capital Accounts 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, 2023, we had authorization from our Board of Directors to purchase up to $162.5 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):
202320222021
Shares repurchased – Class A831542308
Shares repurchased – Class B122
Average price – Class A and Class B$42.07 $55.14 $50.93 
Dividends
The following table summarizes the cash dividends paid during the year ended April 30, 2023:
Date of Declaration by Board of DirectorsQuarterly Cash DividendTotal DividendClass of Common StockDividend Paid DateShareholders of Record as of Date
June 22, 2022
$0.3475 per common share
$19.4
million
Class A and
Class B		July 20, 2022July 6, 2022
September 29, 2022
$0.3475 per common share
$19.3
million
Class A and
Class B		October 26, 2022October 11, 2022
December 15, 2022
$0.3475 per common share
$19.3
 million
Class A and
Class B		January 11, 2023December 27, 2022
March 29, 2023
$0.3475 per common share
$19.2
million
Class A and
Class B		April 25, 2023April 11, 2023
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:202320222021
Number of shares, beginning of year70,22670,20870,166
Common stock class conversions51842
Number of shares issued, end of year70,23170,22670,208
Changes in Class A Common Stock in treasury:
Number of shares held, beginning of year23,51523,41923,405
Purchases of treasury shares831542308
Restricted shares issued under stock-based compensation plans – non-PSU Awards(394)(323)(268)
Restricted shares issued under stock-based compensation plans – PSU Awards(150)(108)(88)
Shares issued to directors—(2)(6)
Restricted shares issued from exercise of stock options(14)(49)(60)
Shares issued related to the acquisition of a business—(129)—
Shares withheld for taxes195167129
Other—(2)(1)
Number of shares held, end of year23,98323,51523,419
Number of Class A Common Stock outstanding, end of year46,24846,71146,789
Changes in Class B Common Stock:202320222021
Number of shares, beginning of year12,95612,97413,016
Common stock class conversions(5)(18)(42)
Number of shares issued, end of year12,95112,95612,974
Changes in Class B Common Stock in treasury:
Number of shares held, beginning of year3,9243,9223,920
Purchases of treasury shares122
Number of shares held, end of year3,9253,9243,922
Number of Class B Common Stock outstanding, end of year9,0269,0329,052
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.