Note 2 - Acquisitions

12 Months Ended

Apr. 30, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

2.     ACQUISITIONS

During the year ended April 30, 2014, the Company acquired 28 stores through a variety of single store and multi-store transactions with several unrelated third parties. Of the 28 stores acquired, 25 were opened during the 2014 fiscal year, one was closed permanently and two will be opened during the 2015 fiscal year. The acquisitions meet the criteria to be considered business combinations. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Allocation of the purchase price for the transactions in aggregate is as follows (in thousands):

Assets acquired:
Inventories	$	1,622
Property and equipment		24,469
Total assets		26,091
Liabilities assumed:
Accrued expenses		122
Total liabilities		122
Net tangible assets acquired		25,969
Goodwill		5,615
Total consideration paid	$	31,584

The allocation of the purchase price to assets acquired and liabilities assumed for any acquisition is preliminary pending finalization of management’s analysis.

The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):

	Years Ended April 30,
	2014		2013
Total revenue	$	7,885,634	$	7,362,816
Net income	$	135,309	$	112,510
Net income per common share
Basic	$	3.52	$	2.94
Diluted	$	3.48	$	2.91