Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2016 | Dec. 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) | 39,191,171 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 177,973 | $ 75,775 |
Receivables | 32,930 | 27,701 |
Inventories | 208,064 | 204,988 |
Prepaid expenses | 4,960 | 3,008 |
Income tax receivable | 2,066 | 14,413 |
Total current assets | 425,993 | 325,885 |
Other assets, net of amortization | 19,616 | 18,981 |
Goodwill | 129,591 | 128,566 |
Property and equipment, net of accumulated depreciation of $1,415,262 at October 31, 2016 and $1,340,249 at April 30, 2016 | 2,377,051 | 2,252,475 |
Total assets | 2,952,251 | 2,725,907 |
Current liabilities: | ||
Current maturities of long-term debt | 15,410 | 15,375 |
Accounts payable | 250,948 | 241,207 |
Accrued expenses | 120,657 | 130,989 |
Total current liabilities | 387,015 | 387,571 |
Long-term debt, net of current maturities | 915,051 | 822,628 |
Deferred income taxes | 414,773 | 394,934 |
Deferred compensation | 15,330 | 17,813 |
Other long-term liabilities | 20,669 | 19,498 |
Total liabilities | 1,752,838 | 1,642,444 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 83,050 | 72,868 |
Retained earnings | 1,116,363 | 1,010,595 |
Total shareholders’ equity | 1,199,413 | 1,083,463 |
Total Liabilities and Shareholders' Equity | $ 2,952,251 | $ 2,725,907 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 1,415,262 | $ 1,340,249 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Income Statement [Abstract] | ||||
Total revenue | $ 1,920,055 | $ 1,924,600 | $ 3,890,134 | $ 3,973,192 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 1,476,537 | 1,481,610 | 2,996,821 | 3,118,960 |
Gross profit | 443,518 | 442,990 | 893,313 | 854,232 |
Operating expenses | 295,289 | 267,978 | 587,417 | 531,560 |
Depreciation and amortization | 48,675 | 41,807 | 94,530 | 81,206 |
Interest, net | 10,075 | 10,009 | 20,615 | 20,093 |
Income before income taxes | 89,479 | 123,196 | 190,751 | 221,373 |
Federal and state income taxes | 32,299 | 44,163 | 66,179 | 80,534 |
Net income | $ 57,180 | $ 79,033 | $ 124,572 | $ 140,839 |
Net income per common share | ||||
Basic (in dollars per share) | $ 1.46 | $ 2.03 | $ 3.18 | $ 3.61 |
Diluted (in dollars per share) | $ 1.44 | $ 2 | $ 3.14 | $ 3.57 |
Basic weighted average shares outstanding (in shares) | 39,189,804 | 39,002,546 | 39,177,746 | 38,987,530 |
Plus effect of stock compensation (in shares) | 472,735 | 423,747 | 472,713 | 419,687 |
Diluted weighted average shares outstanding (in shares) | 39,662,539 | 39,426,293 | 39,650,459 | 39,407,217 |
Dividends declared per share (in dollars per share) | $ 0.24 | $ 0.22 | $ 0.48 | $ 0.44 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 124,572 | $ 140,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 94,530 | 81,206 |
Other amortization | 199 | 210 |
Stock-based compensation | 4,948 | 3,373 |
Loss (gain) on disposal of assets and impairment charges | 294 | (191) |
Deferred income taxes | 19,839 | (3,191) |
Changes in assets and liabilities: | ||
Receivables | (5,229) | (9,316) |
Inventories | (2,854) | (6,946) |
Prepaid expenses | (1,952) | (838) |
Accounts payable | (3,239) | 2,401 |
Accrued expenses | (1,221) | 8,975 |
Income taxes | 13,238 | 33,930 |
Other, net | (3,041) | (176) |
Net cash provided by operating activities | 240,084 | 250,276 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (203,602) | (209,948) |
Payments for acquisition of businesses, net of cash acquired | (5,596) | 0 |
Proceeds from sales of property and equipment | 1,726 | 2,541 |
Net cash used in investing activities | (207,472) | (207,407) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 100,000 | 0 |
Repayments of long-term debt | (7,697) | (7,697) |
Proceeds from exercise of stock options | 1,719 | 2,089 |
Payments of cash dividends | (17,988) | (16,322) |
Tax withholdings on employee share-based awards | (6,448) | (3,900) |
Net cash provided by (used in) financing activities | 69,586 | (25,830) |
Net increase in cash and cash equivalents | 102,198 | 17,039 |
Cash and cash equivalents at beginning of the period | 75,775 | 48,541 |
Cash and cash equivalents at end of the period | 177,973 | 65,580 |
Cash paid during the period for: | ||
Interest, net of amount capitalized | 20,065 | 20,206 |
Income taxes, net | 33,038 | 49,731 |
Noncash investing and financing activities: | ||
Purchased property and equipment in accounts payable | $ 12,980 | $ 17,077 |
Presentation of Financial State
Presentation of Financial Statements | 6 Months Ended |
Oct. 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 | 6 Months Ended |
Oct. 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 October 31, 2016 and April 30, 2016 , and the results of operations for the three and six months ended October 31, 2016 and 2015 , and cash flows for the six months ended October 31, 2016 and 2015 . In addition to updates provided below, see the Form 10-K for the year ended April 30, 2016 for our consideration of new accounting pronouncements. 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 was 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 | 6 Months Ended |
Oct. 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 | 6 Months Ended |
Oct. 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 $976,000 and $887,000 at October 31, 2016 and April 30, 2016 , respectively. The Company has an aggregate $100,000 line of credit with $0 outstanding at October 31, 2016 and April 30, 2016 . |
Disclosure of Compensation Rela
Disclosure of Compensation Related Costs, Share Based Payments | 6 Months Ended |
Oct. 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 3,245,262 shares still available for grant at October 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 October 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 September 16, 2016 Restricted Stock 8,941 Non-employee board members Immediate $1,064 At October 31, 2016 , options for 240,500 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 50,700 33.89 Forfeited — — Outstanding at October 31, 2016 240,500 $ 38.21 At October 31, 2016 , all 240,500 outstanding options were vested, and had an aggregate intrinsic value of $17,985 and a weighted average remaining contractual life of 3.91 years . The aggregate intrinsic value for the total of all options exercised during the six months ended October 31, 2016 , was $4,675 . 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 October 31, 2016 305,800 Total compensation costs recorded for the six months ended October 31, 2016 and 2015 , respectively, were $4,948 and $3,373 for the stock option, restricted stock, and restricted stock unit awards to employees. As of October 31, 2016 , there were no unrecognized compensation costs related to the Plan for stock options and $17,606 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 adopted. 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 $ 3,900 for the six months ended October 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 | 6 Months Ended |
Oct. 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 District Court approved the same. On November 17, 2016, an oral argument was held before the 10th Circuit Court of Appeals generally regarding appeals based on the fairness of various proposed settlement provisions. A ruling from the 10th Circuit is anticipated prior to the end of the first quarter of FY 18. The District Court 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 | 6 Months Ended |
Oct. 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 October 31, 2016 , gross unrecognized tax benefits were $7,667 . If this unrecognized tax benefit were ultimately recognized, $ 5,020 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 289 at October 31, 2016 , and $ 217 at April 30, 2016 . Net interest and penalties included in income tax expense for the six months ended October 31, 2016 , was a net expense of $ 72 , with a net expense of $ 154 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 Nebraska is examining tax years 2012 , 2013 . and 2014 . 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 $ 3,130 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 | 6 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As of October 31, 2016 we operated 1,941 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) | 6 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 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 was 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 | 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) | 6 Months Ended |
Oct. 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 October 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 September 16, 2016 Restricted Stock 8,941 Non-employee board members Immediate $1,064 |
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 50,700 33.89 Forfeited — — Outstanding at October 31, 2016 240,500 $ 38.21 |
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 October 31, 2016 305,800 |
Long-term Debt and Fair Value16
Long-term Debt and Fair Value Disclosure (Details) - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
Debt Instrument | ||
Fair value of long-term debt | $ 976,000,000 | $ 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 | 6 Months Ended | |||||
Oct. 31, 2016 | Jul. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Net cash provided by operating activities | $ 240,084,000 | $ 250,276,000 | |||||
Net cash used in financing activities | 69,586,000 | (25,830,000) | |||||
Income tax expense | $ 32,299,000 | $ 44,163,000 | 66,179,000 | 80,534,000 | |||
Accounting Standards Update 2016-09 | New Accounting Pronouncement, Early Adoption, Effect | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Net cash provided by operating activities | $ 3,900,000 | ||||||
Net cash used in financing activities | $ 3,900,000 | ||||||
Income tax expense | $ 3,046,000 | ||||||
2009 Stock Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of shares available for grant (in shares) | 3,245,262 | 3,245,262 | |||||
Allocated share-based compensation expense | $ 4,948,000 | $ 3,373,000 | |||||
2009 Stock Incentive Plan | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of options outstanding (in shares) | 240,500 | 240,500 | 291,200 | ||||
Aggregate intrinsic value for outstanding options | $ 17,985,000 | $ 17,985,000 | |||||
Weighted average remaining contractual life (in years) | 3 years 10 months 28 days | ||||||
Aggregate intrinsic value for exercised options | $ 4,675,000 | ||||||
Unrecognized compensation costs related to plan | 0 | 0 | |||||
2009 Stock Incentive Plan | Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Unrecognized compensation costs related to plan | $ 17,606,000 | $ 17,606,000 |
Disclosure of Compensation Re18
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Compensation Grants (Details) - 2009 Stock Incentive Plan - USD ($) $ in Thousands | Sep. 16, 2016 | Jun. 03, 2016 | Apr. 12, 2016 | Sep. 18, 2015 | Jun. 05, 2015 | Sep. 19, 2014 | Jun. 06, 2014 | Sep. 13, 2013 | Oct. 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) | 8,941 | 7,748 | 13,955 | ||||||
Fair Value at Grant Date | $ 1,064 | $ 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 | 6 Months Ended |
Oct. 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 | 50,700 |
Forfeited (in shares) | shares | 0 |
Outstanding at the end of the period (in shares) | shares | 240,500 |
Weighted average option exercise 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 | 33.89 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 38.21 |
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 | 6 Months Ended |
Oct. 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) | Oct. 31, 2016lawsuit |
Hot Fuel Cases | |
Loss Contingencies [Line Items] | |
Number of lawsuits | 4 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 7,667 | $ 6,484 | |
Unrecognized tax benefits that would impact effective tax rate | 5,020 | ||
Accrued interest and penalties related to unrecognized tax benefits | 289 | $ 217 | |
Net interest and penalties included in income tax expense | 72 | $ 154 | |
Expected decrease in unrecognized tax benefits | $ 3,130 |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Oct. 31, 2016statesegmentmerchandise_categorystore | |
Segment Reporting [Abstract] | |
Number of stores | store | 1,941 |
Number of states in which entity operates | state | 14 |
Number of operating segments | segment | 1 |
Number of merchandise categories | merchandise_category | 3 |