Capital Stock and Changes in Capital Accounts

12 Months Ended

Apr. 30, 2021

Capital Stock and Changes in Capital Accounts [Abstract]

Capital Stock and Changes in Capital Accounts

Note 19 – Capital Stock and Changes in Capital Accounts

Each share of our Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote and each share of Class B stock is entitled to one vote.

Share Repurchases

During the year ended April 30, 2020, our Board of Directors approved an additional share repurchase program of $200 million of Class A or B Common Stock. As of April 30, 2021, we had authorization from our Board of Directors to purchase up to $200 million that was remaining under this program. No share repurchases were made under this program during the years ended April 30, 2021 and 2020.

The share repurchase program described above is in addition to the share repurchase program approved by our Board of Directors during the year ended April 30, 2017 of four million shares of Class A or B Common Stock. As of April 30, 2021, we had authorization from our Board of Directors to purchase up to 497,197 additional shares that were remaining under this program.

The following table summarizes the shares repurchased of Class A and B Common Stock during the years ended April 30 (shares in thousands):

	2021		2020		2019
Shares repurchased – Class A		308		1,080		1,191
Shares repurchased – Class B		2		2		—
Average price – Class A and Class B	$	50.93	$	43.05	$	50.35

Dividends

The following table summarizes the cash dividends paid during the year ended April 30, 2021:

Date of Declaration by Board of Directors	Quarterly Cash Dividend	Total Dividend	Class of Common Stock	Dividend Paid Date	Shareholders of Record as of Date
June 25, 2020	$0.3425 per common share	$19.2 million	Class A and Class B	July 22, 2020	July 7, 2020
September 23, 2020	$0.3425 per common share	$19.2 million	Class A and Class B	October 21, 2020	October 6, 2020
December 16, 2020	$0.3425 per common share	$19.2 million	Class A and Class B	January 13, 2021	December 30, 2020
March 24, 2021	$0.3425 per common share	$19.1 million	Class A and Class B	April 21, 2021	April 6, 2021

Changes in Common Stock

The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands).

Changes in Common Stock A:	2021			2020			2019
Number of shares, beginning of year		70,166			70,127			70,111
Common stock class conversions		42			39			16
Number of shares issued, end of year		70,208			70,166			70,127
Changes in Common Stock A in treasury:
Number of shares held, beginning of year		23,405			22,634			21,853
Purchase of treasury shares		308			1,080			1,192
Restricted shares issued under stock-based compensation plans - non-PSU Awards		(268	)		(232	)		(205	)
Restricted shares issued under stock-based compensation plans - PSU Awards		(88	)		(68	)		(110	)
Shares issued under the Director Plan to Directors		(6	)		(97	)		(5	)
Restricted shares, forfeited		—			1			9
Restricted shares issued from exercise of stock options		(60	)		(34	)		(229	)
Shares withheld for taxes		129			122			130
Other		(1	)		(1	)		(1	)
Number of shares held, end of year		23,419			23,405			22,634
Number of Common Stock A outstanding, end of year		46,789			46,761			47,493

Changes in Common Stock B:	2021			2020			2019
Number of shares, beginning of year		13,016			13,055			13,071
Common stock class conversions		(42	)		(39	)		(16	)
Number of shares issued, end of year		12,974			13,016			13,055
Changes in Common Stock B in treasury:
Number of shares held, beginning of year		3,920			3,918			3,918
Shares repurchased		2			2			—
Number of shares held, end of year		3,922			3,920			3,918
Number of Common Stock B outstanding, end of year		9,052			9,096			9,137