Casey's General Stores (CASY) 10-Q 6 Sep 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Sep. 01, 2016
Document And Entity Information
Entity Registrant Name	Caseys General Stores Inc,
Entity Central Index Key	726,958
Current Fiscal Year End Date	--04-30
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		39,180,130
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 189,490	$ 75,775
Receivables	32,093	27,701
Inventories	205,773	204,988
Prepaid expenses	5,532	3,008
Income tax receivable	2,441	14,413
Total current assets	435,329	325,885
Other assets, net of amortization	19,382	18,981
Goodwill	128,791	128,566
Property and equipment, net of accumulated depreciation of $1,378,006 at July 31, 2016 and $1,340,249 at April 30, 2016	2,302,577	2,252,475
Total assets	2,886,079	2,725,907
Current liabilities:
Current maturities of long-term debt	15,404	15,375
Accounts payable	269,847	241,207
Accrued expenses	134,861	130,989
Total current liabilities	420,112	387,571
Long-term debt, net of current maturities	872,427	822,628
Deferred income taxes	406,774	394,934
Deferred compensation	17,872	17,813
Other long-term liabilities	19,851	19,498
Total liabilities	1,737,036	1,642,444
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	80,453	72,868
Retained earnings	1,068,590	1,010,595
Total shareholders’ equity	1,149,043	1,083,463
Total Liabilities and Shareholders' Equity	$ 2,886,079	$ 2,725,907

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Statement of Financial Position [Abstract]
Property and equipment, net of accumulated depreciation of $1,378,006 at July 31, 2016 and $1,340,249 at April 30, 2016	$ 1,378,006	$ 1,340,249

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Income Statement [Abstract]
Total revenue	$ 1,970,079,000	$ 2,048,592,000
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	1,520,284,000	1,637,350,000
Gross profit	449,795,000	411,242,000
Operating expenses	292,128,000	263,582,000
Depreciation and amortization	45,855,000	39,399,000
Interest, net	10,540,000	10,084,000
Income before income taxes	101,272,000	98,177,000
Federal and state income taxes	33,880,000	36,371,000
Net income	$ 67,392,000	$ 61,806,000
Net income per common share
Basic (in dollars per share)	$ 1.72	$ 1.59
Diluted (in dollars per share)	$ 1.70	$ 1.57
Basic weighted average shares outstanding (in shares)	39,156,462	38,964,765
Plus effect of stock compensation (in shares)	474,677	420,727
Diluted weighted average shares outstanding (in shares)	39,631,139	39,385,492
Dividends declared per share (in dollars per share)	$ 0.24	$ 0.22

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities:
Net income	$ 67,392	$ 61,806
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,855	39,399
Other amortization	126	110
Stock based compensation	2,471	1,737
Gain on disposal of assets and impairment charges	(302)	(259)
Deferred income taxes	11,840	(1,617)
Excess tax benefits related to stock option exercises	0	(1,140)
Changes in assets and liabilities:
Receivables	(4,392)	(11,045)
Inventories	(631)	(17,998)
Prepaid expenses	(2,524)	(2,598)
Accounts payable	16,976	3,402
Accrued expenses	12,896	6,687
Income taxes	12,215	26,986
Other, net	(573)	(107)
Net cash provided by operating activities	161,349	105,363
Cash flows from investing activities:
Purchase of property and equipment	(82,296)	(100,141)
Payments for acquisition of businesses, net of cash acquired	(2,854)	0
Proceeds from sales of property and equipment	932	1,288
Net cash used in investing activities	(84,218)	(98,853)
Cash flows from financing activities:
Proceeds from long-term debt	50,000	0
Repayments of long-term debt	(98)	(98)
Proceeds from exercise of stock options	1,598	1,805
Payments of cash dividends	(8,577)	(7,726)
Payments of cash dividends	0	1,140
Tax withholdings on employee share-based awards	(6,339)	(3,567)
Net cash provided by (used in) financing activities	36,584	(8,446)
Net increase (decrease) in cash and cash equivalents	113,715	(1,936)
Cash and cash equivalents at beginning of the period	75,775	48,541
Cash and cash equivalents at end of the period	189,490	46,605
Cash paid during the period for:
Interest, net of amount capitalized	3,785	3,471
Income taxes, net	9,793	10,749
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	$ 11,664	$ 13,203

Presentation of Financial State

Presentation of Financial Statements	3 Months Ended
	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation of Financial Statements	Presentation of Financial Statements The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. (hereinafter referred to as the Company or Casey's) and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of July 31, 2016 and April 30, 2016 , and the results of operations for the three months ended July 31, 2016 and 2015 , and cash flows for the three months ended July 31, 2016 and 2015 . See the Form 10-K for the year ended April 30, 2016 for our consideration of new accounting pronouncements. In addition, in April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30)", which provided guidance on the presentation of debt issuance costs. The new standard requires that debt issuance costs be recorded as a reduction from the face amount of the related debt, with amortization recorded as interest expense, rather than recording as a deferred asset. The Company adopted this standard in the quarter ended July 31, 2016 , retrospectively to all prior periods. The adoption of this standard did not have a material impact on the financial statements. Also, in March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". The goal of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update is effective for the Company beginning May 1, 2017 with early adoption permitted. The Company chose to early adopt this standard in the quarter ended July 31, 2016 . See Footnote 5 for further discussion of the impact of adoption.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jul. 31, 2016
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold.

Long-term Debt and Fair Value D

Long-term Debt and Fair Value Disclosure	3 Months Ended
	Jul. 31, 2016
Long-Term Debt and Fair Value Disclosure [Abstract]
Long-term Debt and Fair Value Disclosure	Long-Term Debt and Fair Value Disclosure The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $938,000 and $887,000 at July 31, 2016 and April 30, 2016 , respectively. The Company has an aggregate $100,000 line of credit with $0 outstanding at July 31, 2016 and April 30, 2016 .

Disclosure of Compensation Rela

Disclosure of Compensation Related Costs, Share Based Payments	3 Months Ended
	Jul. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments	Disclosure of Compensation Related Costs, Share Based Payments The 2009 Stock Incentive Plan (the “ Plan ”), was approved by the Board in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “ Prior Plans ”). There are 3,263,144 shares still available for grant at July 31, 2016 . Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one, and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two. We account for stock-based compensation by estimating the fair value of stock options using the Black Scholes model, and value restricted stock unit awards granted under the Plan using the market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. The following table summarizes the most recent compensation grants as of July 31, 2016 : Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date September 13, 2013 Restricted Stock Units 14,000 Non-employee board members May 1, 2014 $958 June 6, 2014 Restricted Stock Units 91,000 Officers & Key employees June 6, 2017 $6,584 June 6, 2014 Restricted Stock 30,538 Officers & Key employees Immediate (Annual performance goal) $2,209 September 19, 2014 Restricted Stock 13,955 Non-employee board members Immediate $990 June 5, 2015 Restricted Stock Units 104,200 Officers & Key employees June 5, 2018 $9,135 June 5, 2015 Restricted Stock 48,913 Officers & Key employees Immediate (Annual performance goal) $4,288 September 18, 2015 Restricted Stock 7,748 Non-employee board members Immediate $856 April 12, 2016 Restricted Stock 10,000 CEO 2,000 Shares each May 1st from 2017-2021 $1,060 June 3, 2016 Restricted Stock Units 111,150 Officers & Key employees June 3, 2019 $13,849 June 3, 2016 Restricted Stock 40,996 Officers & Key employees Immediate (Annual performance goal) $5,108 At July 31, 2016 , options for 243,450 shares (which expire between 2017 and 2021) were outstanding for the Plan and Prior Plans. Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table: Number of option shares Weighted average option exercise price Outstanding at April 30, 2016 291,200 $ 37.46 Granted — — Exercised 47,750 33.47 Forfeited — — Outstanding at July 31, 2016 243,450 $ 38.24 At July 31, 2016 , all 243,450 outstanding options were vested, and had an aggregate intrinsic value of $23,201 and a weighted average remaining contractual life of 4.14 years . The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2016 , was $4,435 . Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2016 272,900 Granted 111,150 Vested (73,000 ) Forfeited (5,250 ) Unvested at July 31, 2016 305,800 Total compensation costs recorded for the three months ended July 31, 2016 and 2015 , respectively, were $2,471 and $1,737 for the stock option, restricted stock, and restricted stock unit awards to employees. As of July 31, 2016 , there were no unrecognized compensation costs related to the Plan for stock options and $20,082 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2019. ASU No 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" was issued in March 2016 and early adopted by the Company in the first quarter of fiscal 2017. ASU 2016-09 eliminates the requirement to estimate and apply a forfeiture rate to reduce stock compensation expense during the vesting period, and instead, provides an alternative option to account for forfeitures as they occur, which is the option the Company will adopt. ASU 2016-09 requires that this change be adopted using the modified retrospective approach. The adoption of this section had no material impact on the financial statements. Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. The standard requires presentation of excess tax benefits as an operating activity (combined with other income tax cash flows) on the statement of cash flows rather than as a financing activity. We adopted this change prospectively during the first quarter of 2017. ASU 2016-09 also requires the presentation of amounts withheld for applicable income taxes on employee share-based awards as a financing activity on the statement of cash flows. This adoption is reflected in the cash flow statement on a retrospective basis, which resulted in an increase in net cash used in financing activities and an increase in net cash provided by operating activities of $2,411 for the quarter ended July 31, 2015. ASU No 2016-09 also eliminates additional paid in capital ("APIC") pools and requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. This requirement is to be adopted prospectively by the Company. The impact of this section of the standard was a benefit of $ 3,046 to income tax expense for the first quarter of fiscal 2017 . In addition, the ASU requires that the excess tax benefit be removed from the overall calculation of diluted shares. The impact on diluted earnings per share of this adoption was not material. Finally, modified retrospective adoption of ASC 2016-09 eliminates the requirement that excess tax benefits be realized (i.e. through a reduction in income taxes payable) before they are recognized. The adoption of this section had no impact on the financial statements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As previously reported, the Company was named as a defendant in four lawsuits (“hot fuel” cases) brought in the federal courts in Kansas and Missouri against a variety of fuel retailers, which were consolidated in the U.S. District Court for the District of Kansas in Kansas City, Kansas as part of the multidistrict “Motor Fuel Temperature Sales Practices Litigation.” A hearing to consider whether the previously-reported settlement involving the Company was fair, reasonable and adequate was conducted on June 9, 2015, and on August 21, 2015, the Court approved the same. The approved settlement includes, but is not limited to, the commitment on the part of the Company to "sticker" certain information on its gasoline pumps and to make a monetary payment (which is not considered to be material in amount) to the plaintiff class. A hearing was held on November 19, 2015 with regard to the attorneys’ fee award for plaintiffs’ counsel, and an order awarding fees was filed by the Court on February 17, 2016. However, the settlement will not be considered final until the pending appeal has been resolved and all time for appeals have expired. From time to time we may be involved in other legal and administrative proceedings or investigations arising from the conduct of our business operations, including contractual disputes; employment or personnel matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for compensatory or exemplary damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operation.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	3 Months Ended
	Jul. 31, 2016
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $6,484 at April 30, 2016 . At July 31, 2016 , gross unrecognized tax benefits were $6,957 . If this unrecognized tax benefit were ultimately recognized, $ 4,559 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 244 at July 31, 2016 , and $ 217 at April 30, 2016 . Net interest and penalties included in income tax expense for the three months ended July 31, 2016 , was a net expense of $ 28 , with a net expense of $ 119 for the same period in 2015 . A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The State of Illinois is examining tax years 2011 and 2012 . Additionally, the IRS is currently examining tax year 2012. The Company has no other ongoing federal or state income tax examinations. The Company does not have any outstanding litigation related to tax matters. At this time, management expects the aggregate amount of unrecognized tax benefits to decrease by approximately $ 3,221 within the next twelve months. The expected decrease is due to the expiration of the statute of limitations related to certain federal and state income tax filing positions. The federal statute of limitation remains open for the tax years 2012 and forward. Tax years 2011 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

Segment Reporting

Segment Reporting	3 Months Ended
	Jul. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of July 31, 2016 we operated 1,933 stores in 14 states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment. Our stores sell similar products and services, and use similar processes to sell those products and services directly to the general public. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and other merchandise, and prepared food and fountain because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate gross margins within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto.
New Accounting Pronouncements	In addition, in April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30)", which provided guidance on the presentation of debt issuance costs. The new standard requires that debt issuance costs be recorded as a reduction from the face amount of the related debt, with amortization recorded as interest expense, rather than recording as a deferred asset. The Company adopted this standard in the quarter ended July 31, 2016 , retrospectively to all prior periods. The adoption of this standard did not have a material impact on the financial statements. Also, in March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". The goal of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update is effective for the Company beginning May 1, 2017 with early adoption permitted. The Company chose to early adopt this standard in the quarter ended July 31, 2016 . See Footnote 5 for further discussion of the impact of adoption.
Revenue Recognition	Revenue Recognition The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold.

Disclosure of Compensation Re15

Disclosure of Compensation Related Costs, Share Based Payments (Tables)	3 Months Ended
	Jul. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Grants	The following table summarizes the most recent compensation grants as of July 31, 2016 : Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date September 13, 2013 Restricted Stock Units 14,000 Non-employee board members May 1, 2014 $958 June 6, 2014 Restricted Stock Units 91,000 Officers & Key employees June 6, 2017 $6,584 June 6, 2014 Restricted Stock 30,538 Officers & Key employees Immediate (Annual performance goal) $2,209 September 19, 2014 Restricted Stock 13,955 Non-employee board members Immediate $990 June 5, 2015 Restricted Stock Units 104,200 Officers & Key employees June 5, 2018 $9,135 June 5, 2015 Restricted Stock 48,913 Officers & Key employees Immediate (Annual performance goal) $4,288 September 18, 2015 Restricted Stock 7,748 Non-employee board members Immediate $856 April 12, 2016 Restricted Stock 10,000 CEO 2,000 Shares each May 1st from 2017-2021 $1,060 June 3, 2016 Restricted Stock Units 111,150 Officers & Key employees June 3, 2019 $13,849 June 3, 2016 Restricted Stock 40,996 Officers & Key employees Immediate (Annual performance goal) $5,108
Schedule of Stock Options Activity	Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table: Number of option shares Weighted average option exercise price Outstanding at April 30, 2016 291,200 $ 37.46 Granted — — Exercised 47,750 33.47 Forfeited — — Outstanding at July 31, 2016 243,450 $ 38.24
Schedule of Restricted Stock Units Award Activity	Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2016 272,900 Granted 111,150 Vested (73,000 ) Forfeited (5,250 ) Unvested at July 31, 2016 305,800

Long-term Debt and Fair Value16

Long-term Debt and Fair Value Disclosure (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Debt Instrument
Fair value of long-term debt	$ 938,000,000	$ 887,000,000
Line of Credit
Debt Instrument
Maximum borrowing capacity	100,000,000	100,000
Fair value of amount outstanding	$ 0	$ 0

Disclosure of Compensation Re17

Disclosure of Compensation Related Costs, Share Based Payments (Details) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Income tax expense	$ 33,880,000	$ 36,371,000
New Accounting Pronouncement, Early Adoption, Effect
Share-based Compensation Arrangement by Share-based Payment Award
Income tax expense	$ 3,046
2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant	3,263,144
Allocated share-based compensation expense	$ 2,471,000	$ 1,737,000
2009 Stock Incentive Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding	243,450		291,200
Aggregate intrinsic value for outstanding options	$ 23,201,000
Weighted average remaining contractual life (in years)	4 years 1 month 22 days
Aggregate intrinsic value for exercised options	$ 4,435,000
Unrecognized compensation costs related to Plan	0
2009 Stock Incentive Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs related to Plan	$ 20,082,000

Disclosure of Compensation Re18

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Compensation Grants (Details) - 2009 Stock Incentive Plan - USD ($) $ in Thousands	Jun. 03, 2016	Apr. 12, 2016	Sep. 18, 2015	Jun. 05, 2015	Sep. 19, 2014	Jun. 06, 2014	Sep. 13, 2013	Jul. 31, 2016
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares Granted (in shares)								111,150
Non-employee board members | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares Granted (in shares)							14,000
Fair Value at Grant Date							$ 958
Non-employee board members | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares Granted (in shares)			7,748		13,955
Fair Value at Grant Date			$ 856		$ 990
Officers & Key employees | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares Granted (in shares)	111,150			104,200		91,000
Fair Value at Grant Date	$ 13,849			$ 9,135		$ 6,584
Officers & Key employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares Granted (in shares)	40,996			48,913		30,538
Fair Value at Grant Date	$ 5,108			$ 4,288		$ 2,209
CEO | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares Granted (in shares)		10,000
Fair Value at Grant Date		$ 1,060

Disclosure of Compensation Re19

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - 2009 Stock Incentive Plan - Employee Stock Option	3 Months Ended
	Jul. 31, 2016$ / sharesshares
Number of Option Shares
Outstanding at the beginning of the period (in shares) | shares	291,200
Granted (in shares) | shares	0
Exercised (in shares) | shares	47,750
Forfeited (in shares) | shares	0
Outstanding at the end of the period (in shares) | shares	243,450
Weighted Average Option Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 37.46
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	33.47
Forfeited (in dollars per share) | $ / shares	0
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 38.24

Disclosure of Compensation Re20

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - 2009 Stock Incentive Plan - Restricted Stock Units	3 Months Ended
	Jul. 31, 2016shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares)	272,900
Granted (in shares)	111,150
Vested (in shares)	(73,000)
Forfeited (in shares)	(5,250)
Unvested at the end of the period (in shares)	305,800

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jul. 31, 2016lawsuit
Hot Fuel Cases
Loss Contingencies [Line Items]
Number of lawsuits	4

Unrecognized Tax Benefits (Deta

Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 6,957		$ 6,484
Unrecognized tax benefits that would impact effective tax rate	4,559
Accrued interest and penalties related to unrecognized tax benefits	244		$ 217
Net interest and penalties included in income tax expense	28	$ 119
Expected decrease in unrecognized tax benefits	$ 3,221

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Jul. 31, 2016statesegmentstoremerchandise_category
Segment Reporting [Abstract]
Number of stores | store	1,933
Number of states in which entity operates | state	14
Number of operating segments | segment	1
Number of merchandise categories | merchandise_category	3