Earnings Per Share

12 Months Ended

Apr. 30, 2022

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


	FISCAL YEARS ENDED APRIL 30
(in thousands, except per share amounts)	2022		2021		2020
Numerator used in basic and diluted earnings per common share:
Net income (loss)	$	(29,722)	$	61,193	$	73,653
Denominator:
Denominator for basic earnings per common share -
weighted-average shares	16,592		16,970		16,908
Effect of dilutive securities:
Stock options and restricted stock units	—		67		44
Denominator for diluted earnings per common share -
weighted-average shares and assumed conversions	16,592		17,037		16,952
Net earnings (loss) per share
Basic	$	(1.79)	$	3.61	$	4.36
Diluted	$	(1.79)	$	3.59	$	4.34

Potentially dilutive securities of 48,379 for the fiscal year ended April 30, 2022, have not been considered in the calculation of net loss per share as the effect would be anti-dilutive. 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 August 22, 2019, the Company was authorized to purchase up to $50 million of the Company's common shares. 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. The Company did not repurchase any of its shares during fiscal 2020. The Company purchased a total of 299,781 common shares, for an aggregate purchase price of $25.0 million, and a total of 200,046 common shares, for an aggregate purchase price of $20.0 million, during fiscal 2022 and 2021, 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. The Company funded share repurchases using available cash and cash generated from operations. Repurchased shares became authorized but unissued common shares. Repurchased shares became authorized but unissued common shares. At April 30, 2022, $75.0 million remained authorized by the Company’s Board of Directors to repurchase the Company’s common shares.