COMMON STOCK

On May 26, 2016, our Board of Directors approved a two-for-one stock split for our Class A and Class B common stock, subject to stockholder approval of an amendment to our Restated Certificate of Incorporation. The amendment, which was approved by stockholders on July 28, 2016, increased the number of authorized shares of Class A common stock from 85,000,000 to 170,000,000. The amendment did not change the number of authorized Class B common shares, which remained at 400,000,000.

The stock split, which was effected as a stock dividend, resulted in the issuance of one new share of Class A common stock for each share of Class A common stock outstanding and one new share of Class B common stock for each share of Class B common stock outstanding. The new shares were distributed on August 18, 2016, to shareholders of record as of August 8, 2016.

On May 24, 2017, we retired 67,000,000 shares of Class B common stock previously held as treasury shares. This retirement reduced the number of issued shares of Class B common stock by that same amount.

On January 23, 2018, our Board of Directors approved a stock split, effected in the form of a stock dividend. For every four shares of either Class A or Class B common stock held, shareholders of record as of the close of business on February 7, 2018, received one share of Class B common stock, with any fractional shares payable in cash. The additional shares and cash for fractional shares were distributed to stockholders on February 28, 2018.

The following table shows the effects of the stock splits and treasury stock retirement on the number of issued common shares:



	Issued
(Shares in thousands)	Class A	Class B		Total
Balance at April 30, 2016	85,000	142,313		227,313
Stock split	85,000	142,313		227,313
Balance at April 30, 2017	170,000	284,626		454,626
Retirement of treasury stock	—	(67,000	)	(67,000	)
Stock split	—	96,906		96,906
Balance at April 30, 2018	170,000	314,532		484,532

Except for the pre-split share balances and activity included in the above table, all share and per share amounts reported in these financial statements and related notes are presented on a split-adjusted basis.

The following table shows the change in outstanding common shares during each of the last three years:



	Outstanding
(Shares in thousands)	Class A		Class B		Total
Balance at April 30, 2015	168,926		352,823		521,749
Acquisition of treasury stock	(114	)	(28,422	)	(28,536	)
Stock issued under compensation plans	248		892		1,140
Balance at April 30, 2016	169,060		325,293		494,353
Acquisition of treasury stock	(77	)	(14,768	)	(14,845	)
Stock issued under compensation plans	68		530		598
Balance at April 30, 2017	169,051		311,055		480,106
Acquisition of treasury stock	(25	)	(6	)	(31	)
Stock issued under compensation plans	36		890		926
Balance at April 30, 2018	169,062		311,939		481,001