Casey's General Stores (CASY) 10-Q 10 Sep 18 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2018	Aug. 28, 2018
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)		36,595,375
Document Type	10-Q
Document Period End Date	Jul. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Current assets:
Cash and cash equivalents	$ 44,842	$ 53,679
Receivables	46,486	45,045
Inventories	263,879	241,668
Prepaid expenses	8,940	5,766
Income tax receivable	42,404	50,682
Total current assets	406,551	396,840
Other assets, net of amortization	32,769	29,909
Goodwill	140,623	140,258
Property and equipment, net of accumulated depreciation of $1,662,860 at July 31, 2018 and $1,611,177 at April 30, 2018	2,944,564	2,902,920
Total assets	3,524,507	3,469,927
Current liabilities:
Notes payable to bank	27,411	39,600
Current maturities of long-term debt	15,379	15,374
Accounts payable	333,299	321,419
Accrued expenses	149,424	131,457
Total current liabilities	525,513	507,850
Long-term debt, net of current maturities	1,291,638	1,291,725
Deferred income taxes	349,656	341,946
Deferred compensation	16,095	15,928
Other long-term liabilities	42,906	41,337
Total liabilities	2,225,808	2,198,786
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	7,322	0
Retained earnings	1,291,377	1,271,141
Total shareholders’ equity	1,298,699	1,271,141
Total liabilities and shareholders' equity	$ 3,524,507	$ 3,469,927

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 1,662,860	$ 1,611,177

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2018	Jul. 31, 2017
Income Statement [Abstract]
Total revenue	[1]	$ 2,588,432	$ 2,093,739
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	[1]	2,066,664	1,617,042
Operating expenses		359,392	321,247
Depreciation and amortization		58,840	52,369
Interest, net		14,406	11,375
Income before income taxes		89,130	91,706
Federal and state income taxes		18,906	34,948
Net income		$ 70,224	$ 56,758
Net income per common share
Basic (in dollars per share)		$ 1.92	$ 1.48
Diluted (in dollars per share)		$ 1.90	$ 1.46
Basic weighted average shares outstanding (in shares)		36,669,021	38,360,104
Plus effect of stock compensation (in shares)		311,387	480,184
Diluted weighted average shares outstanding (in shares)		36,980,408	38,840,288
Dividends declared per share (in dollars per share)		$ 0.29	$ 0.26
Excise taxes		$ 257,969	$ 238,559
[1]	Includes excise taxes of: $257,969 and $238,559

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock	Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Implementation of ASU 2014-09	$ (4,140)		$ (4,140)
Beginning Balance (shares) at Apr. 30, 2018		36,874,322,000
Beginning Balance at Apr. 30, 2018	1,271,141	$ 0	1,271,141
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70,224		70,224
Dividends declared	(10,601)		(10,601)
Exercise of stock options (in shares)		3,600,000
Exercise of stock options	$ 148	$ 148
Repurchase of common stock (shares)	(352,592,000)
Repurchase of common stock	$ (35,247)	$ 0	(35,247)
Stock based compensation (shares)		67,895,000
Stock based compensation	7,174	$ 7,174
Ending Balance (shares) at Jul. 31, 2018		36,593,225,000
Ending Balance at Jul. 31, 2018	$ 1,298,699	$ 7,322	$ 1,291,377

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity Parenthetical	3 Months Ended
	Jul. 31, 2018$ / shares
Retained earnings
Payment of dividends per share (in Dollars per share)	$ 0.29

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Cash flows from operating activities:
Net income	$ 70,224	$ 56,758
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,840	52,369
Stock-based compensation	10,272	9,807
Loss on disposal of assets and impairment charges	345	140
Deferred income taxes	9,205	15,564
Changes in assets and liabilities:
Receivables	(1,441)	(1,300)
Inventories	(22,211)	(24,244)
Prepaid expenses	(3,174)	928
Accounts payable	9,588	(20,010)
Accrued expenses	12,281	8,284
Income taxes	8,901	18,899
Other, net	(2,759)	(56)
Net cash provided by operating activities	150,071	117,139
Cash flows from investing activities:
Purchase of property and equipment	(97,490)	(91,548)
Payments for acquisition of businesses, net of cash acquired	(841)	(3,322)
Proceeds from sales of property and equipment	1,879	1,607
Net cash used in investing activities	(96,452)	(93,263)
Cash flows from financing activities:
Proceeds from long-term debt	0	150,000
Repayments of long-term debt	(92)	(103)
Net repayments of short-term debt	(12,189)	(900)
Proceeds from exercise of stock options	148	195
Payments of cash dividends	(9,592)	(9,312)
Repurchase of common stock	(37,479)	(77,878)
Tax withholdings on employee share-based awards	(3,252)	(3,494)
Net cash (used in) provided by financing activities	(62,456)	58,508
Net (decrease) increase in cash and cash equivalents	(8,837)	82,384
Cash and cash equivalents at beginning of the period	53,679	76,717
Cash and cash equivalents at end of the period	44,842	159,101
Cash paid during the period for:
Interest, net of amount capitalized	5,205	4,673
Income taxes, net	397	463
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	4,524	7,752
Shares repurchased in accounts payable	$ 0	$ 1,486

Presentation of Financial State

Presentation of Financial Statements	3 Months Ended
	Jul. 31, 2018
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, 2018
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. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (including normal recurring accruals) necessary to present fairly the financial position as of July 31, 2018 and April 30, 2018 , the results of operations for the three months ended July 31, 2018 and 2017 , shareholders' equity for the three months ended July 31, 2018 , and cash flows for the three months ended July 31, 2018 and 2017 . 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. See the Form 10-K for the year ended April 30, 2018 for our consideration of new accounting pronouncements. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). We adopted the standard on May 1, 2018 using the modified retrospective approach. The Company adopted two changes that affect the timing of recognition of revenues related to gift card breakage income and the redemption of coupon box tops attached to our pizza boxes. The impact related to gift cards was $879 , net of $321 of deferred taxes and was an increase to shareholders' equity with a reduction in deferred income. The impact related to box tops was $5,019 net of $1,816 of deferred taxes and was a reduction in shareholders' equity, with an increase in deferred income. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other than Inventory. We adopted the standard in the quarter ended July 31, 2018 . There was no material impact to the Company for the adoption of this standard.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jul. 31, 2018
Revenue Recognition [Abstract]
Revenue Recognition	Revenue and Cost of Goods Sold 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. The Company adopted ASU 2014-09 in the quarter ended July 31, 2018 . As a result, revenue from sales of pizza that include a redeemable box top coupon are deferred until redemption for the portion of the sale that represents the estimated future redemption of the box top coupon. Gift card revenue is now recognized based on the estimated gift card breakage rate over the pro-rata usage of the card. 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 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. Warehousing costs are recorded within operating expenses on the income statement. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the consolidated financial statements.

Long-term Debt and Fair Value D

Long-term Debt and Fair Value Disclosure	3 Months Ended
	Jul. 31, 2018
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 $1,278,000 and $1,277,000 at July 31, 2018 and April 30, 2018 , respectively. The Company has an aggregate $150,000 line of credit with $27,411 outstanding at July 31, 2018 and $39,600 outstanding at April 30, 2018 .

Disclosure of Compensation Rela

Disclosure of Compensation Related Costs, Share Based Payments	3 Months Ended
	Jul. 31, 2018
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 2,657,030 shares available for grant at July 31, 2018 . 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. For market based awards we use the "Monte Carlo" approach to estimate the value of the awards, which simulates the prices of the Company’s and each member of the peer groups' common stock price at the end of the relevant performance period, taking into account volatility and the specifics surrounding each total shareholder return metric under the relevant plan. We recognize these amounts 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. At July 31, 2018 , options for 178,073 shares (which expire between 2019 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, 2018 181,673 $ 39.48 Granted — — Exercised 3,600 41.16 Forfeited — — Outstanding at July 31, 2018 178,073 $ 39.45 At July 31, 2018 , all 178,073 outstanding options were vested, and had an aggregate intrinsic value of $12,452 and a weighted average remaining contractual life of 2.40 years . The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2018 , was $225 . Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2018 338,981 Granted 164,248 Vested (100,250 ) Forfeited (361 ) Performance Award Adjustments (7,717 ) Unvested at July 31, 2018 394,901 Total compensation costs recorded for the three months ended July 31, 2018 and 2017 , respectively, were $10,154 and $9,807 for the stock option, restricted stock, and restricted stock unit awards to employees. As of July 31, 2018 , there were no unrecognized compensation costs related to the Plan for stock options and $14,079 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2022. Certain awards in the 2017 long term incentive plan grant have performance-based conditions based on the three -year average return on invested capital (ROIC) calculation. Based on the results of fiscal year 2018 and revised forecast for fiscal 2019 and 2020, adjustments were made to the shares awarded to the projected most likely outcome based on expected ROIC. The compensation costs related to this adjustment have been recorded in the first quarter of fiscal 2019.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility 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 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 operations.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	3 Months Ended
	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits & Impact of Tax Reform Act The total amount of gross unrecognized tax benefits was $6,421 at April 30, 2018 . At July 31, 2018 , gross unrecognized tax benefits were $7,255 . If this unrecognized tax benefit were ultimately recognized, $ 5,754 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 223 at July 31, 2018 , and $ 191 at April 30, 2018 . Net interest and penalties included in income tax expense for the three months ended July 31, 2018 , was a net expense of $ 32 , with a net expense of $ 19 for the same period in 2017 . 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 IRS is currently examining tax year 2012. The Company has no other ongoing federal or state income tax examinations. At this time, the Company's best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $ 1,300 during the next twelve months mainly due to the expiration of certain statute of limitations. The federal statute of limitations remains open for the tax years 2012 and forward. Tax years 2012 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, which allows a company to report provisional numbers related to the Tax Reform Act and adjust those amounts during a measurement period not to exceed one year. The provisional amounts recorded for the year ending April 30, 2018 are based on estimates of underlying timing differences and the Company’s current interpretations of the Tax Reform Act. The ultimate impact of the Tax Reform Act may differ from our provisional amounts due to changes in interpretations and assumptions (primarily around fixed assets) we made as well as any forthcoming legislative action or regulatory guidance. The Company did not make any adjustments to the provisional amounts recorded due to the Tax Reform Act during the quarter ended July 31, 2018. We expect to finalize all provisional adjustments by the third quarter of fiscal 2019 .

Segment Reporting

Segment Reporting	3 Months Ended
	Jul. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of July 31, 2018 we operated 2,085 stores in 16 states. Our convenience 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 revenues and cost of goods sold 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.

Subsequent Event

Subsequent Event	3 Months Ended
	Jul. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On September 5, 2018, the shareholders approved the Casey's General Stores, Inc. 2018 Stock Incentive Plan. As of that date, no future awards will be granted under the 2009 Stock Incentive Plan.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
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.
New Accounting Pronouncements		In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). We adopted the standard on May 1, 2018 using the modified retrospective approach. The Company adopted two changes that affect the timing of recognition of revenues related to gift card breakage income and the redemption of coupon box tops attached to our pizza boxes. The impact related to gift cards was $879 , net of $321 of deferred taxes and was an increase to shareholders' equity with a reduction in deferred income. The impact related to box tops was $5,019 net of $1,816 of deferred taxes and was a reduction in shareholders' equity, with an increase in deferred income.
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. The Company adopted ASU 2014-09 in the quarter ended July 31, 2018 . As a result, revenue from sales of pizza that include a redeemable box top coupon are deferred until redemption for the portion of the sale that represents the estimated future redemption of the box top coupon. Gift card revenue is now recognized based on the estimated gift card breakage rate over the pro-rata usage of the card. 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 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. Warehousing costs are recorded within operating expenses on the income statement. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the consolidated financial statements.

Disclosure of Compensation Re18

Disclosure of Compensation Related Costs, Share Based Payments (Tables)	3 Months Ended
	Jul. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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, 2018 181,673 $ 39.48 Granted — — Exercised 3,600 41.16 Forfeited — — Outstanding at July 31, 2018 178,073 $ 39.45
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, 2018 338,981 Granted 164,248 Vested (100,250 ) Forfeited (361 ) Performance Award Adjustments (7,717 ) Unvested at July 31, 2018 394,901

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shareholders' equity	$ 1,298,699	$ 1,271,141
Deferred income taxes	$ (349,656)	(341,946)
GIft Cards | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shareholders' equity		879
Deferred revenue		(879)
Deferred income taxes		(321)
Box Tops | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shareholders' equity		(5,019)
Deferred revenue		5,019
Deferred income taxes		$ 1,816

Long-term Debt and Fair Value20

Long-term Debt and Fair Value Disclosure (Details) - USD ($)	Jul. 31, 2018	Apr. 30, 2018
Debt Instrument
Fair value of long-term debt	$ 1,278,000,000	$ 1,277,000,000
Line of Credit
Debt Instrument
Maximum borrowing capacity	150,000,000
Fair value of amount outstanding	$ 27,411,000	$ 39,600,000

Disclosure of Compensation Re21

Disclosure of Compensation Related Costs, Share Based Payments (Details) - 2009 Stock Incentive Plan - USD ($)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	2,657,030
Allocated share-based compensation expense	$ 10,154,000	$ 9,807,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding (in shares)	178,073		181,673
Aggregate intrinsic value for outstanding options	$ 12,452,000
Weighted average remaining contractual life (in years)	2 years 4 months 24 days
Aggregate intrinsic value for exercised options	$ 225,000
Unrecognized compensation costs related to plan	0
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs related to plan	$ 14,079,000
Return on invested capital measurement period	3 years

Disclosure of Compensation Re22

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, 2018$ / sharesshares
Number of option shares
Outstanding at the beginning of the period (in shares) | shares	181,673
Granted (in shares) | shares	0
Exercised (in shares) | shares	3,600
Forfeited (in shares) | shares	0
Outstanding at the end of the period (in shares) | shares	178,073
Weighted average option exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 39.48
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	41.16
Forfeited (in dollars per share) | $ / shares	0
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 39.45

Disclosure of Compensation Re23

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, 2018shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares)	338,981
Granted (in shares)	164,248
Vested (in shares)	(100,250)
Forfeited (in shares)	(361)
Performance Award Adjustments (in shares)	(7,717)
Unvested at the end of the period (in shares)	394,901

Unrecognized Tax Benefits (Deta

Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 7,255		$ 6,421
Unrecognized tax benefits that would impact effective tax rate	5,754
Accrued interest and penalties related to unrecognized tax benefits	223		$ 191
Net interest and penalties included in income tax expense	32	$ 19
Expected decrease in unrecognized tax benefits	$ 1,300

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Jul. 31, 2018statesegmentstoremerchandise_category
Segment Reporting [Abstract]
Number of stores | store	2,085
Number of states in which entity operates | state	16
Number of operating segments | segment	1
Number of merchandise categories | merchandise_category	3