Earnings Per Share

12 Months Ended

Apr. 30, 2021

The following table summarizes the computations of basic and diluted earnings per share:


	FISCAL YEARS ENDED APRIL 30
(in thousands, except per share amounts)	2021		2020		2019
Numerator used in basic and diluted earnings per common share:
Net income	$	58,763	$	74,861	$	83,688
Denominator:
Denominator for basic earnings per common share -
weighted-average shares	16,970		16,908		17,289
Effect of dilutive securities:
Stock options and restricted stock units	67		44		41
Denominator for diluted earnings per common share -
weighted-average shares and assumed conversions	17,037		16,952		17,330
Net earnings per share
Basic	$	3.46	$	4.43	$	4.84
Diluted	$	3.45	$	4.42	$	4.83

An immaterial amount of anti-dilutive securities for the fiscal year ended April 30, 2019 were excluded from the calculation of net earnings per share. There were no anti-dilutive securities for the fiscal years ended April 30, 2021 and 2020, which were excluded from the calculation of net earnings per share.

Under a stock repurchase authorization approved by its Board of Directors (the "Board") on November 30, 2016, the Company was authorized to purchase up to $50 million of the Company's common shares. On August 23, 2018, the Board reinstated the program. On November 28, 2018, the Board authorized an additional stock repurchase program of up to $14 million of the Company's common shares. This authorization was in addition to the stock repurchase program authorized on November 30, 2016. No funds remained from the amount authorized by the Board to repurchase the Company's common shares. On August 22, 2019, the Board authorized an additional stock repurchase program of up to $50 million of the Company's common shares. $30.0 million remained from the amount authorized by the Board to repurchase the Company's common shares. The Company funded share repurchases using available cash and cash generated from operations. Repurchased shares became authorized but unissued common shares. The Company did not repurchase any of its shares during fiscal 2020. The Company purchased a total of 200,046 common shares, for an aggregate purchase price of $20.0 million and a total of 745,232 common shares, for an aggregate purchase price of $50.0 million during fiscal 2021 and 2019, respectively, under the authorizations pursuant to a repurchase plan intended to comply with the requirements of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. On May 25, 2021, the Board authorized a stock repurchase program of up to $100 million of the Company's outstanding common shares. In conjunction with this authorization the Board cancelled the $30 million remaining from the August 2019 authorization.