The Company has two classes of common stock. Class B common shares are convertible into Class A common shares at any time, on a one-for-one basis. Under the Company’s Articles of Incorporation, if dividends are declared, holders of Class A common shares shall receive a $0.05 dividend per share prior to the Class B common shares receiving any dividend and holders of Class A common shares shall receive a dividend at least equal to Class B common shares dividends on a per share basis. As a result, the Company has computed the earnings per share in compliance with the Earnings Per Share Topic of the FASB ASC, which requires companies that have multiple classes of equity securities to use the “two-class” method in computing earnings per share.

For the Company’s basic earnings per share calculation, the Company uses 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. If Class B shares convert to Class A shares during the period, the distributed net earnings for Class B shares is calculated using the weighted average common shares outstanding during the period.

Diluted earnings per share is calculated similarly to basic earnings per share, except that the calculation includes the dilutive effect of the assumed exercise of options issuable under the Company’s stock incentive plans. For the Company’s diluted earnings per share calculation for Class A shares, the Company uses 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 the Company’s diluted earnings per share calculation for Class B shares, the Company uses 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 of 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.


	Three Months Ended January 31, 2021				Nine Months Ended January 31, 2021
	Class A Common Shares		Class B Common Shares		Class A Common Shares		Class B Common Shares
Distributed earnings	$	0.11	$	0.11	$	0.33	$	0.33
Undistributed losses	(0.04)		(0.04)		(0.17)		(0.17)
Total	$	0.07	$	0.07	$	0.16	$	0.16
Distributed earnings	$	3,396	$	201	$	10,142	$	602
Undistributed losses	(1,214)		(72)		(5,387)		(320)
Total	$	2,182	$	129	$	4,755	$	282
Basic weighted average common shares outstanding	30,806		1,822		30,663		1,822


	Three Months Ended January 31, 2020				Nine Months Ended January 31, 2020
	Class A Common Shares		Class B Common Shares		Class A Common Shares		Class B Common Shares
Distributed earnings	$	0.11	$	0.11	$	0.33	$	0.33
Undistributed losses	$	(0.01)	$	(0.01)	$	(0.13)	$	(0.13)
Total	$	0.10	$	0.10	$	0.20	$	0.20
Distributed earnings	$	3,321	$	201	$	9,873	$	604
Undistributed losses	$	(223)	$	(13)	$	(4,033)	$	(247)
Total	$	3,098	$	188	$	5,840	$	357
Basic weighted average common shares outstanding	$	30,133	$	1,822	$	29,789	$	1,822


	Undistributed & Distributed Earnings to Class A Common Shares		Class A Common Shares	EPS*
Per Basic	$	2,182	30,806	$	0.07
Common Stock Equivalents	—		665	—
	2,182		31,471	0.07
Class B Common Share Conversion	129		1,822	—
Diluted EPS for Class A Common Shares	$	2,311	33,293	$	0.07


	Undistributed & Distributed Earnings to Class A Common Shares		Class A Common Shares	EPS*
Per Basic	$	4,755	30,663	$	0.16
Common Stock Equivalents	—		622	—
	4,755		31,285	0.15
Class B Common Share Conversion	282		1,822	—
Diluted EPS for Class A Common Shares	$	5,037	33,107	$	0.15


	Undistributed & Distributed Earnings to Class A Common Shares		Class A Common Shares	EPS*
Per Basic	$	3,098	30,133	$	0.10
Common Stock Equivalents	—		713	—
	3,098		30,846	0.10
Class B Common Share Conversion	188		1,822	—
Diluted EPS for Class A Common Shares	$	3,286	32,668	$	0.10


	Undistributed & Distributed Earnings to Class A Common Shares		Class A Common Shares	EPS*
Per Basic	$	5,840	29,789	$	0.20
Common Stock Equivalents	—		649	—
	5,840		30,438	0.19
Class B Common Share Conversion	357		1,822	—
Diluted EPS for Class A Common Shares	$	6,197	32,260	$	0.19


	Undistributed & Distributed Earnings to Class B Common Shares		Class B Common Shares	EPS*
Per Basic	$	129	1,822	$	0.07
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares	2		—	—
Diluted EPS for Class B Common Shares	$	131	1,822	$	0.07


	Undistributed & Distributed Earnings to Class B Common Shares		Class B Common Shares		EPS*
Per Basic	$	282	$	1,822	$	0.16
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares	6		—		—
Diluted EPS for Class B Common Shares	$	288	$	1,822	$	0.16


	Undistributed & Distributed Earnings to Class B Common Shares		Class B Common Shares		EPS*
Per Basic	$	188	$	1,822	$	0.10
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares	—		—		—
Diluted EPS for Class B Common Shares	$	188	$	1,822	$	0.10


	Undistributed & Distributed Earnings to Class B Common Shares		Class B Common Shares		EPS*
Per Basic	$	357	$	1,822	$	0.20
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares	5		—		—
Diluted EPS for Class B Common Shares	$	362	$	1,822	$	0.20

For the three and nine months ended January 31, 2021, we excluded options to purchase 775,087 and 1,669,870 Class A Common Shares, respectively, and for the three and nine months ended January 31, 2020, we excluded options to purchase