D.	Earnings Per Common Share

We have two classes of common stock of which Class B Common Shares are convertible into Class A Common Shares at any time, on a one-for-one basis. Under our Articles of Incorporation, if we declare dividends, holders of Class A Common Shares will receive a $0.05 dividend per share prior to the Class B Common Shares receiving any dividend and holders of Class A Common Shares will receive a dividend at least equal to Class B Common Shares dividends on a per share basis. As a result, we have computed the earnings per share in accordance with Earnings Per Share within the Presentation Topic of the FASB’s Accounting Standards Codification, which requires companies that have multiple classes of equity securities to use the “two-class” method in computing earnings per share.

For our basic earnings per share calculation, we use the “two-class” method. Basic earnings per share are calculated by dividing net earnings attributable to each class of common stock by the weighted average number of shares outstanding. All undistributed earnings are allocated evenly between Class A and B Common Shares in the earnings per share calculation to the extent that earnings equal or exceed $0.05 per share. This allocation is based on management’s judgment after considering the dividend rights of the two classes of common stock, the control of the Class B shareholders and the convertibility rights of the Class B shares to Class A shares.

The calculation of diluted earnings per share is similar to the calculation of basic earnings per share, except that the calculation includes the dilutive effect of the assumed exercise of options issuable under our stock incentive plans. For our diluted earnings per share calculation for Class A shares, we use the “if-converted” method. This calculation assumes that all Class B Common Shares are converted into Class A Common Shares and, as a result, assumes there are no holders of Class B Common Shares to participate in undistributed earnings.

For our diluted earnings per share calculation for Class B shares, we use the “two-class” method. This calculation does not assume that all Class B Common Shares are converted into Class A Common Shares. In addition, this method assumes the dilutive effect if Class A stock options were converted to Class A shares and the undistributed earnings are allocated evenly to both Class A and B shares including Class A shares issued pursuant to those converted stock options. This allocation is based on management’s judgment after considering the dividend rights of the two classes of common stock, the control of the Class B shareholders and the convertibility rights of the Class B shares into Class A shares.

The following tables set forth the computation of basic earnings per common share and diluted earnings per common share (in thousands except for per share amounts):

Basic earnings per common share:


	Three Months Ended January 31, 2015						Nine Months Ended January 31, 2015
	Class A			Class B			Class A			Class B
Distributed earnings	$	0.10		$	0.10		$	0.30		$	0.30
Undistributed earnings (loss)		—			—			(0.10	)		(0.10	)

Total	$	0.10		$	0.10		$	0.20		$	0.20

Distributed earnings	$	2,566		$	259		$	7,699		$	776
Undistributed earnings (loss)		14			2			(2,657	)		(268	)

Total	$	2,580		$	261		$	5,042		$	508

Basic weighted average common shares outstanding		25,652			2,587			25,660			2,587

	Three Months Ended January 31, 2014						Nine Months Ended January 31, 2014
	Class A			Class B			Class A			Class B
Distributed earnings	$	0.10		$	0.10		$	0.20		$	0.20
Undistributed (loss) earnings		(0.01	)		(0.01	)		0.08			0.08

Total	$	0.09		$	0.09		$	0.28		$	0.28

Distributed earnings	$	2,529		$	259		$	5,021		$	518
Undistributed (loss) earnings		(282	)		(29	)		2,015			209

Total	$	2,247		$	230		$	7,036		$	727

Basic weighted average common shares outstanding		25,099			2,587			24,912			2,587

Diluted EPS for Class A Common Shares Using the If-Converted Method

Three Months Ended January 31, 2015


	Undistributed & Distributed Earnings to Class A Common		Class A Common Shares		EPS
Per Basic	$	2,580		25,652	$	0.10
Common Stock Equivalents		—		315		—

		2,580		25,967		0.10
Class B Conversion		261		2,587		—

Diluted EPS for Class A	$	2,841		28,554	$	0.10

Nine Months Ended January 31, 2015


	Undistributed & Distributed Earnings to Class A Common		Class A Common Shares		EPS
Per Basic	$	5,042		25,660	$	0.20
Common Stock Equivalents		—		333		—

		5,042		25,993		0.19
Class B Conversion		508		2,587		—

Diluted EPS for Class A	$	5,550		28,580	$	0.19

Three Months Ended January 31, 2014


	Undistributed & Distributed Earnings to Class A Common		Class A Common Shares		EPS
Per Basic	$	2,247		25,099	$	0.09
Common Stock Equivalents		—		501		—

		2,247		25,600		0.09
Class B Conversion		230		2,587		—

Diluted EPS for Class A	$	2,477		28,187	$	0.09

Nine Months Ended January 31, 2014


	Undistributed & Distributed Earnings to Class A Common		Class A Common Shares		EPS
Per Basic	$	7,036		24,912	$	0.28
Common Stock Equivalents		—		473		—

		7,036		25,385		0.28
Class B Conversion		727		2,587		—

Diluted EPS for Class A	$	7,763		27,972	$	0.28

Diluted EPS for Class B Common Shares Using the Two-Class Method

Three Months Ended January 31, 2015


	Undistributed & Distributed Earnings to Class B Common			Class B Common Shares		EPS
Per Basic	$	261			2,587	$	0.10
Reallocation of undistributed loss to Class A shares from Class B shares		(1	)		—		—

Diluted EPS for Class B	$	260			2,587	$	0.10

Nine Months Ended January 31, 2015


	Undistributed & Distributed Earnings to Class B Common		Class B Common Shares		EPS
Per Basic	$	508		2,587	$	0.20
Reallocation of undistributed earnings to Class A shares from Class B shares		3		—		—

Diluted EPS for Class B	$	511		2,587	$	0.20

Three Months Ended January 31, 2014


	Undistributed & Distributed Earnings to Class B Common		Class B Common Shares		EPS
Per Basic	$	230		2,587	$	0.09
Reallocation of undistributed earnings to Class A shares from Class B shares		1		—		—

Diluted EPS for Class B	$	231		2,587	$	0.09

Nine Months Ended January 31, 2014


	Undistributed & Distributed Earnings to Class B Common			Class B Common Shares		EPS
Per Basic	$	727			2,587	$	0.28
Reallocation of undistributed loss to Class A shares from Class B shares		(4	)		—		—

Diluted EPS for Class B	$	723			2,587	$	0.28

For the three and nine months ended January 31, 2015, we excluded options to purchase 952,761 and 847,539 Class A Common Shares, respectively, and for the three and nine months ended January 31, 2014, we excluded options to purchase 440,196 and 979,764 Class A Common Shares, respectively, from the computation of diluted earnings per Class A Common Shares. We excluded these option share amounts because the exercise prices of those options were greater than the average market price of the Class A Common Shares during the applicable period. As of January 31, 2015, we had a total of 3,056,335 options outstanding and, as of January 31, 2014, we had a total of 3,223,966 options outstanding.