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Earnings Per Common Share
 6 Months Ended
Oct. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
    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.
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
October 31, 2021		Six Months Ended
October 31, 2021
Class A
Common
Shares		Class B
Common
Shares		Class A
Common
Shares		Class B
Common
Shares
Distributed earnings$0.11 $0.11 $0.22 $0.22 
Undistributed losses(0.01)(0.01)(0.03)(0.03)
Total$0.10 $0.10 $0.19 $0.19 
Distributed earnings$3,475 $201 $6,926 $401 
Undistributed losses(342)(20)(1,007)(59)
Total$3,133 $181 $5,919 $342 
Basic weighted average common shares outstanding31,515 1,822 31,373 1,822 
 Three Months Ended
October 31, 2020		Six Months Ended
October 31, 2020
Class A
Common
Shares		Class B
Common
Shares		Class A
Common
Shares		Class B
Common
Shares
Distributed earnings$0.11 $0.11 $0.22 $0.22 
Undistributed losses(0.09)(0.09)(0.14)(0.14)
Total$0.02 $0.02 $0.08 $0.08 
Distributed earnings$3,375 $201 $6,745 $402 
Undistributed losses(2,722)(162)(4,172)(249)
Total$653 $39 $2,573 $153 
Basic weighted average common shares outstanding30,667 1,822 30,592 1,822 

Diluted EPS for Class A Common Shares Using the If-Converted Method
Three Months Ended October 31, 2021
Undistributed
& Distributed
Earnings
to Class A
Common
Shares		Class A
Common
Shares		EPS*
Per Basic$3,133 31,515 $0.10 
Common Stock Equivalents— 1,348 — 
3,133 32,863 0.10 
Class B Common Share Conversion181 1,822 — 
Diluted EPS for Class A Common Shares*$3,314 34,685 $0.10 
Six Months Ended October 31, 2021
Undistributed
& Distributed
Earnings
to Class A
Common
Shares		Class A
Common
Shares		EPS*
Per Basic$5,919 31,373 $0.19 
Common Stock Equivalents— 1,253 — 
5,919 32,626 0.18 
Class B Common Share Conversion342 1,822 — 
Diluted EPS for Class A Common Shares$6,261 34,448 $0.18 

Three Months Ended October 31, 2020
Undistributed
& Distributed
Earnings
to Class A
Common
Shares		Class A
Common
Shares		EPS*
Per Basic$653 30,667 $0.02 
Common Stock Equivalents— 407 — 
653 31,074 0.02 
Class B Common Share Conversion39 1,822 — 
Diluted EPS for Class A Common Shares$692 32,896 $0.02 

Six Months Ended October 31, 2020

Undistributed
& Distributed
Earnings
to Class A
Common
Shares		Class A
Common
Shares		EPS*
Per Basic$2,573 30,592 $0.08 
Common Stock Equivalents— 505 — 
2,573 31,097 0.08 
Class B Common Share Conversion153 1,822 — 
Diluted EPS for Class A Common Shares$2,726 32,919 $0.08 

Diluted EPS for Class B Common Shares Using the Two-Class Method
Three Months Ended October 31, 2021
Undistributed
& Distributed
Earnings
to Class B
Common
Shares		Class B
Common
Shares		EPS*
Per Basic$181 1,822 $0.10 
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares1 — — 
Diluted EPS for Class B Common Shares$182 1,822 $0.10 
Six Months Ended October 31, 2021
Undistributed
& Distributed
Earnings
to Class B
Common
Shares		Class B
Common
Shares		EPS*
Per Basic$342 $1,822 $0.19 
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares2 — — 
Diluted EPS for Class B Common Shares$344 1,822 $0.19 
Three Months Ended October 31, 2020
Undistributed
& Distributed
Earnings
to Class B
Common
Shares		Class B
Common
Shares		EPS*
Per Basic$39 1,822 $0.02 
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares2 — — 
Diluted EPS for Class B Common Shares$41 1,822 $0.02 
Six Months Ended October 31, 2020
Undistributed
& Distributed
Earnings
to Class B
Common
Shares		Class B
Common
Shares		EPS*
Per Basic$153 $1,822 $0.08 
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares4 — — 
Diluted EPS for Class B Common Shares$157 1,822 $0.09 
_______________
*Amounts adjusted for rounding

For the three and six months ended October 31, 2021, we excluded options to purchase 1,098,815 and 704,554, Class A Common Shares, respectively, and for the three and six months ended October 31, 2020, we excluded options to purchase 1,842,587 and 1,426,760 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 October 31, 2021, we had a total of 4,831,991 options outstanding and as of October 31, 2020, we had a total of 4,378,453 options outstanding.