| Earnings per Share |
Note I — Earnings per Share
The following tables set forth the computation of net income per common share and net income per
common share — assuming dilution.
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended July 31, |
|
| |
| |
|
2011 |
|
|
2010 |
|
| |
|
Computation of net income per share:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
111,523 |
|
|
$ |
102,881 |
|
|
Net income allocated to participating securities
|
|
|
1,127 |
|
|
|
987 |
|
| |
|
Net income allocated to common shareholders
|
|
$ |
110,396 |
|
|
$ |
101,894 |
|
| |
|
Weighted-average common shares outstanding
|
|
|
113,122,789 |
|
|
|
118,156,815 |
|
| |
|
Net income per common share
|
|
$ |
0.98 |
|
|
$ |
0.86 |
|
| |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended July 31, |
|
| |
| |
|
2011 |
|
|
2010 |
|
| |
|
Computation of net income per share — assuming dilution:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
111,523 |
|
|
$ |
102,881 |
|
|
Net income allocated to participating securities
|
|
|
1,127 |
|
|
|
986 |
|
| |
|
Net income allocated to common shareholders
|
|
$ |
110,396 |
|
|
$ |
101,895 |
|
| |
|
Weighted-average common shares outstanding
|
|
|
113,122,789 |
|
|
|
118,156,815 |
|
|
Dilutive effect of stock options
|
|
|
57,637 |
|
|
|
139,564 |
|
| |
|
Weighted-average common shares outstanding — assuming dilution
|
|
|
113,180,426 |
|
|
|
118,296,379 |
|
| |
|
Net income per common share — assuming dilution
|
|
$ |
0.98 |
|
|
$ |
0.86 |
|
| |
The following table reconciles the weighted-average common shares used in the basic and diluted
earnings per share disclosures to the total weighted-average shares outstanding.
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended July 31, |
|
| |
| |
|
2011 |
|
|
2010 |
|
| |
|
Weighted-average common shares outstanding
|
|
|
113,122,789 |
|
|
|
118,156,815 |
|
|
Weighted-average participating shares outstanding
|
|
|
1,154,758 |
|
|
|
1,144,111 |
|
| |
|
Total weighted-average shares outstanding
|
|
|
114,277,547 |
|
|
|
119,300,926 |
|
|
Dilutive effect of stock options
|
|
|
57,637 |
|
|
|
139,564 |
|
| |
|
Total weighted-average shares outstanding — assuming dilution
|
|
|
114,335,184 |
|
|
|
119,440,490 |
|
| |
|
Note F: Earnings per Share
In 2010, the Company adopted the two-class method of computing earnings per share as required
by FASB ASC 260, Earnings Per Share. FASB ASC 260 provides that unvested share-based payment
awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or
unpaid, are participating securities and are to be included in the computation of earnings per
share under the two-class method described in FASB ASC 260. The Company’s unvested restricted
shares contain rights to receive nonforfeitable dividends and are participating securities. All
presented prior period earnings per share data has been adjusted to retrospectively reflect the
application of the two-class method. The conversion to the two-class method resulted in a
reduction of net income per common share and net income
per common share — assuming dilution for the year ended April 30, 2009, of $0.03 and $0.01 per
share, respectively.
The following table sets forth the computation of net income per common share and net income per
common share - assuming dilution.
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended April 30, |
|
| |
| |
|
2011 |
|
|
2010 |
|
|
2009 |
|
| |
|
Computation of net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
479,482 |
|
|
$ |
494,138 |
|
|
$ |
265,953 |
|
|
Net income allocated to participating securities
|
|
|
4,692 |
|
|
|
4,321 |
|
|
|
1,944 |
|
| |
|
Net income allocated to common stockholders
|
|
$ |
474,790 |
|
|
$ |
489,817 |
|
|
$ |
264,009 |
|
| |
|
Weighted-average common shares outstanding
|
|
|
117,009,362 |
|
|
|
117,911,160 |
|
|
|
84,823,849 |
|
| |
|
Net income per common share
|
|
$ |
4.06 |
|
|
$ |
4.15 |
|
|
$ |
3.11 |
|
| |
|
Computation of net income per share — assuming dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
479,482 |
|
|
$ |
494,138 |
|
|
$ |
265,953 |
|
|
Net income allocated to participating securities
|
|
|
4,690 |
|
|
|
4,318 |
|
|
|
1,947 |
|
| |
|
Net income allocated to common stockholders
|
|
$ |
474,792 |
|
|
$ |
489,820 |
|
|
$ |
264,006 |
|
| |
|
Weighted-average common shares outstanding
|
|
|
117,009,362 |
|
|
|
117,911,160 |
|
|
|
84,823,849 |
|
|
Dilutive effect of stock options
|
|
|
110,335 |
|
|
|
130,011 |
|
|
|
98,938 |
|
| |
|
Weighted-average common shares outstanding — assuming dilution
|
|
|
117,119,697 |
|
|
|
118,041,171 |
|
|
|
84,922,787 |
|
| |
|
Net income per common share — assuming dilution
|
|
$ |
4.05 |
|
|
$ |
4.15 |
|
|
$ |
3.11 |
|
| |
The following table reconciles the weighted-average common shares used in the basic and
diluted earnings per share disclosures to the total weighted-average shares outstanding.
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended April 30, |
|
| |
| |
|
2011 |
|
|
2010 |
|
|
2009 |
|
| |
|
Weighted-average common shares outstanding
|
|
|
117,009,362 |
|
|
|
117,911,160 |
|
|
|
84,823,849 |
|
|
Weighted-average participating shares outstanding
|
|
|
1,156,389 |
|
|
|
1,040,274 |
|
|
|
624,743 |
|
| |
|
Weighted-average shares outstanding
|
|
|
118,165,751 |
|
|
|
118,951,434 |
|
|
|
85,448,592 |
|
|
Dilutive effect of stock options
|
|
|
110,335 |
|
|
|
130,011 |
|
|
|
98,938 |
|
| |
|
Weighted-average shares outstanding — assuming dilution
|
|
|
118,276,086 |
|
|
|
119,081,445 |
|
|
|
85,547,530 |
|
| |
|