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EQUITY | 3 Months Ended
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Jul. 31, 2018
Equity [Abstract] |
EQUITY | EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 13.9 million Units at July 31, 2018 and 14.1 million Units at April 30, 2018. Common Shares and Equity Awards. Common Shares outstanding on July 31, 2018 and April 30, 2018, totaled 119.5 million and 119.5 million, respectively. There were 43,000 shares issued under our 2015 Incentive Award Plan during the three months ended July 31, 2018, with a total grant-date fair value of $264,000. During the three months ended July 31, 2017, we issued 75,000 restricted Common Shares, with a total grant-date fair value of $445,000. These shares are issued under our 2015 Incentive Award Plan for executive officer and trustee share-based compensation. These shares vest based on performance and service criteria. Exchange Rights. Pursuant to the exercise of Exchange Rights, during the three months ended July 31, 2018, we redeemed 90,000 Units for an aggregate cost of $480,000, at an average price per Unit of $5.31. During the three months ended July 31, 2017, we redeemed 960,000 Units for an aggregate cost of $5.7 million, at an average price per Unit of $5.97. During the three months ended July 31, 2018, we redeemed 114,000 Units in exchange for common shares in connection with Unitholders exercising their Exchange Rights, with a total book value of $291,000. During the three months ended July 31, 2017, we redeemed no Units in exchange for common shares. Share Repurchase Program. On December 7, 2016, our Board of Directors authorized a share repurchase program to repurchase up to $50 million of our Common Shares over a one-year period. On December 5, 2017, our Board of Trustees reauthorized this share repurchase program for an additional one-year period. Under this program, we may repurchase Common Shares in open-market purchases, including pursuant to Rule 10b5-1 and Rule 10b-18 plans, as determined by management and in accordance with the requirements of the SEC. The extent to which we repurchase our shares, and the timing of repurchases, will depend on a variety of factors, including market conditions, regulatory requirements, and other corporate considerations, as determined by the executive management team. This program may be suspended or discontinued at any time. During the three months ended July 31, 2018, we repurchased and retired 118,000 common shares for an aggregate cost of $615,000, including commissions, at an average price per share of $5.20. During the three months ended July 31, 2017, we repurchased and retired 682,000 common shares for an aggregate cost of $3.9 million, including commissions, at an average price per share of $5.77. As of July 31, 2018, $34.9 million remained available under the $50 million authorized share repurchase program.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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