Earnings Per Share

12 Months Ended

Apr. 30, 2020

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



	FISCAL YEARS ENDED APRIL 30
(in thousands, except per share amounts)	2020		2019		2018
Numerator used in basic and diluted earnings per common share:
Net income	$	74,861	$	83,688	$	63,141
Denominator:
Denominator for basic earnings per common share -
weighted-average shares	16,908		17,289		16,631
Effect of dilutive securities:
Stock options and restricted stock units	44		41		114
Denominator for diluted earnings per common share -
weighted-average shares and assumed conversions	16,952		17,330		16,745
Net earnings per share
Basic	$	4.43	$	4.84	$	3.80
Diluted	$	4.42	$	4.83	$	3.77

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, 2020 and 2018, 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. The Board suspended the Company's stock repurchase program in conjunction with the RSI Acquisition. On August 23, 2018, the Board reinstated the program. On November 28, 2018, the Board of Directors of the Company 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. 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 745,232 common shares, for an aggregate purchase price of $50.0 million and a total of 309,612 common shares for an aggregate purchase price of $29.0 million during fiscal 2019 and 2018, 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.