Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Oct. 31, 2014 | Dec. 02, 2014 | |
Entity Registrant Name | 'Caseys General Stores Inc, | ' |
Entity Central Index Key | '0000726958 | ' |
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) | ' | 38,729,197 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $71,550 | $121,641 |
Receivables | 31,034 | 25,841 |
Inventories | 199,710 | 204,833 |
Prepaid expenses | 2,674 | 1,478 |
Deferred income taxes | 19,296 | 23,292 |
Income tax receivable | ' | 12,473 |
Total current assets | 324,264 | 389,558 |
Other assets, net of amortization | 16,847 | 15,947 |
Goodwill | 127,031 | 120,406 |
Property and equipment, net of accumulated depreciation of $1,119,932 at October 31, 2014 and $1,062,278 at April 30, 2014 | 1,933,766 | 1,778,965 |
Total assets | 2,401,908 | 2,304,876 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 7,888 | 553 |
Accounts payable | 234,706 | 250,807 |
Accrued expenses | 144,277 | 139,529 |
Income taxes payable | 13,301 | ' |
Total current liabilities | 400,172 | 390,889 |
Long-term debt, net of current maturities | 845,946 | 853,642 |
Deferred income taxes | 318,478 | 318,023 |
Deferred compensation | 17,193 | 16,558 |
Other long-term liabilities | 20,017 | 22,500 |
Total liabilities | 1,601,806 | 1,601,612 |
Shareholders’ equity: | ' | ' |
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 46,263 | 33,878 |
Retained earnings | 753,839 | 669,386 |
Total shareholders’ equity | 800,102 | 703,264 |
$2,401,908 | $2,304,876 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Property and equipment, accumulated depreciation | $1,119,932 | $1,062,278 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Total revenue | $2,150,211 | $2,015,885 | $4,441,397 | $4,130,634 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 1,778,929 | 1,696,600 | 3,699,201 | 3,468,928 |
Gross profit | 371,282 | 319,285 | 742,196 | 661,706 |
Operating expenses | 244,781 | 216,529 | 489,099 | 432,503 |
Depreciation and amortization | 37,275 | 32,416 | 73,524 | 62,917 |
Interest, net | 10,360 | 9,896 | 20,866 | 19,472 |
Income before income taxes | 78,866 | 60,444 | 158,707 | 146,814 |
Federal and state income taxes | 28,997 | 21,014 | 58,741 | 53,589 |
Net income | $49,869 | $39,430 | $99,966 | $93,225 |
Net income per common share | ' | ' | ' | ' |
Basic (in dollars per share) | $1.29 | $1.03 | $2.59 | $2.43 |
Diluted (in dollars per share) | $1.28 | $1.01 | $2.56 | $2.40 |
Basic weighted average shares outstanding (in shares) | 38,706,611 | 38,455,216 | 38,668,453 | 38,424,146 |
Plus effect of stock compensation (in shares) | 352,056 | 432,697 | 348,522 | 408,634 |
Diluted weighted average shares outstanding (in shares) | 39,058,667 | 38,887,913 | 39,016,975 | 38,832,780 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $99,966 | $93,225 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 73,524 | 62,917 |
Other amortization | 198 | 162 |
Stock based compensation | 2,667 | 2,420 |
Loss on disposal of assets and impairment charges | 132 | 2,063 |
Deferred income taxes | 4,451 | 8,633 |
Excess tax benefits related to stock option exercises | -1,146 | -1,485 |
Changes in assets and liabilities: | ' | ' |
Receivables | -5,193 | -4,656 |
Inventories | 7,594 | -8,993 |
Prepaid expenses | -1,196 | -799 |
Accounts payable | -25,357 | -2,627 |
Accrued expenses | 3,872 | 19,277 |
Income taxes | 23,974 | 15,357 |
Other, net | -94 | -185 |
Net cash provided by operating activities | 183,392 | 185,309 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -195,682 | -162,882 |
Payments for acquisition of businesses, net of cash acquired | -34,288 | -24,542 |
Proceeds from sales of property and equipment | 1,783 | 734 |
Net cash used in investing activities | -228,187 | -186,690 |
Cash flows from financing activities: | ' | ' |
Proceeds from long-term debt | ' | 150,000 |
Repayments of long-term debt | -361 | -7,925 |
Net repayments of short-term debt | ' | -59,100 |
Proceeds from exercise of stock options | 8,571 | 2,758 |
Payments of cash dividends | -14,652 | -13,840 |
Excess tax benefits related to stock option exercises | 1,146 | 1,485 |
Net cash (used in) provided by financing activities | -5,296 | 73,378 |
Net (decrease) increase in cash and cash equivalents | -50,091 | 71,997 |
Cash and cash equivalents at beginning of the period | 121,641 | 41,271 |
Cash and cash equivalents at end of the period | 71,550 | 113,268 |
Cash paid during the period for: | ' | ' |
Interest, net of amount capitalized | 20,954 | 17,389 |
Income taxes | $30,251 | $29,680 |
Note_1_Presentation_of_Financi
Note 1 - Presentation of Financial Statements | 6 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1 | |
Presentation of Financial Statements | |
The accompanying condensed consolidated financial statements include the accounts and transactions of the Company and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation. |
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
Business Description and Basis of Presentation [Text Block] | ' |
2 | |
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 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, | |
2014 | |
and April 30, | |
2014 | |
, and the results of | |
operations for the three and six months | |
ended | |
October | |
31, | |
2014 | |
and | |
2013 | |
, and cash flows for the | |
six | |
months ended | |
October | |
31, | |
2014 | |
and | |
2013 | |
. |
Note_3_Revenue_Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
Revenue Recognition [Text Block] | ' |
3 | |
Revenue Recognition | |
The Company recognizes retail sales of gasoline, grocery and general merchandise, prepared food | |
and fountain | |
and commissions on lottery, prepaid phone cards, and video rentals 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. |
Note_4_Longterm_Debt_and_Fair_
Note 4 - Long-term Debt and Fair Value Disclosure | 6 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
Fair Value Disclosures [Text Block] | ' |
4. 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 | |
$891,000 and $841,000, | |
at | |
October | |
31, | |
2014 | |
and April 30, | |
2014, respectively | |
. The Company | |
has | |
a | |
n aggregate | |
$ | |
100,000 | |
line of credit with | |
no | |
balance owed at | |
October | |
31, | |
2014 and April 30, 2014, respectively. |
Note_5_Disclosure_of_Compensat
Note 5 - Disclosure of Compensation Related Costs, Share Based Payments | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
5 | 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 3,890,708 | |||||||||
shares still available for grant at | |||||||||
October | |||||||||
31, | |||||||||
2014 | |||||||||
. 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 and 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. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. | |||||||||
On | |||||||||
June | |||||||||
7 | |||||||||
, 201 | |||||||||
3 and June 19, 2013 restricted stock units with respect to a total of 77,650 shares were granted to certain officers and key employees. These awards were granted at no cost to the grantee. These awards will vest on June 7, 2016. | |||||||||
On September 13, 2013, restricted stock units totaling 14,000 shares were granted to the non-employee members of the Board. This award was granted at no cost to the non-employee members of the Board. This award vested on May 1, 2014. | |||||||||
On June 6, 2014, restricted stock units with respect to a total of 91,000 shares were granted to certain officers and key employees. These awards were granted at no cost to the grantee. The fair value of these awards was $6,584. These awards will vest on June 6, 2017. | |||||||||
On September 19, 2014, restricted stock totaling 13,955 shares were granted to the non-employee members of the Board. This award was granted at no cost to the non-employee members of the Board. The awards vested immediately upon grant and the fair value was $990 at the time of the grant. | |||||||||
At | |||||||||
October | |||||||||
31, | |||||||||
2014 | |||||||||
, options for | |||||||||
564,974 | |||||||||
shares (which expire between | |||||||||
2015 | |||||||||
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: | |||||||||
Weighted | |||||||||
Number of | average option | ||||||||
option shares | exercise price | ||||||||
Outstanding at April 30, 2014 | 712,024 | $ | 36.73 | ||||||
Granted | — | — | |||||||
Exercised | 147,050 | 40.54 | |||||||
Forfeited | — | — | |||||||
Outstanding at October 31, 2014 | 564,974 | $ | 35.73 | ||||||
At | |||||||||
October | |||||||||
31, | |||||||||
2014 | |||||||||
, all outstanding options had an aggregate intrinsic value of | |||||||||
$26,066 | |||||||||
and a weighted average remaining contractual life of | |||||||||
5.44 | |||||||||
years. | |||||||||
All outstanding options are vested at October 31, 2014. | |||||||||
The vested options totaled | |||||||||
564,974 | |||||||||
shares with a weighted average exercise price of | |||||||||
$35.73 | |||||||||
per share and a weighted average | |||||||||
remaining contractual life of | |||||||||
5.44 | |||||||||
years. The aggregate intrinsic value for the total of all options exercised during the | |||||||||
six | |||||||||
months ended | |||||||||
October | |||||||||
31, | |||||||||
2014 | |||||||||
, was | |||||||||
$4,626. The fair value of options vested during the six months ended October 31, 2014 was $6,270. | |||||||||
Information concerning the issuance of restricted stock units under the Plan is presented in the following table: | |||||||||
Unvested at April 30, 2014 | 148,546 | ||||||||
Granted | 91,000 | ||||||||
Vested | (38,198 | ) | |||||||
Forfeited | (8,086 | ) | |||||||
Unvested at October 31, 2014 | 193,262 | ||||||||
Total compensation costs recorded for the | |||||||||
six | |||||||||
months ended | |||||||||
October | |||||||||
31, | |||||||||
2014 | |||||||||
and | |||||||||
2013 | |||||||||
, respectively | |||||||||
, | |||||||||
were | |||||||||
$2,667 | |||||||||
a | |||||||||
nd | |||||||||
$2,420 | |||||||||
for the stock option | |||||||||
and restricted stock unit | |||||||||
awards. As of | |||||||||
October | |||||||||
31, | |||||||||
2014 | |||||||||
, there | |||||||||
were no | |||||||||
unrecognized compensation costs related to the | |||||||||
Plan | |||||||||
for stock options | |||||||||
and $7,878 | |||||||||
of unrecognized compensation costs related to restricted stock units | |||||||||
which | |||||||||
are | |||||||||
expected to be recognized ratably through fiscal | |||||||||
2018 | |||||||||
. |
Note_6_Acquisitions
Note 6 - Acquisitions | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
6 | Acquisitions | ||||||||
. | |||||||||
During the first six months of fiscal 2015, the Company acquired 29 stores through a variety of single store and multi-store transactions with several unrelated third parties. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. | |||||||||
Allocation of the purchase price for the transactions in aggregate is as follows (in thousands): | |||||||||
Assets acquired: | |||||||||
Inventories | $ | 2,471 | |||||||
Property and equipment | 25,250 | ||||||||
Total assets | 27,721 | ||||||||
Liabilities assumed: | |||||||||
Accrued expenses | 58 | ||||||||
Total liabilities | 27,663 | ||||||||
Net tangible assets acquired, net of cash | |||||||||
Goodwill and other intangible assets | 6,625 | ||||||||
Total consideration paid, net of cash acquired | $ | 34,288 | |||||||
The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis. | |||||||||
The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data): | |||||||||
Six months ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues | $ | 4,447,737 | 4,187,458 | ||||||
Net earnings (1) | 100,060 | 94,364 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 2.59 | 2.46 | ||||||
Diluted | $ | 2.56 | 2.43 | ||||||
(1) Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, Net Earnings for the six months ended October 31, 2013 have been revised. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 6 Months Ended | |
Oct. 31, 2014 | ||
Notes to Financial Statements | ' | |
Contingencies Disclosure [Text Block] | ' | |
7 | 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”. On November 20, 2012, the Court preliminarily approved the previously-reported settlement involving the Company, which when approved in final form by the Court following notice to the Class would result in the settlement and dismissal of all claims against Casey’s in the multidistrict litigation. The preliminarily approved settlement includes, but is not limited to, a commitment on the part of the Company to “sticker” certain information on its fuel pumps and make a monetary payment (which is not considered to be material in amount) to the plaintiff class. | ||
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. |
Note_8_Unrecognized_Tax_Benefi
Note 8 - Unrecognized Tax Benefits | 6 Months Ended | ||
Oct. 31, 2014 | |||
Notes to Financial Statements | ' | ||
Income Tax Disclosure [Text Block] | ' | ||
8 | Unrecognized | ||
. | Tax | ||
Benefits | |||
The total amount of gross unrecognized tax benefits was $9,244 at April 30, 2014. At October 31, 2014, gross unrecognized tax benefits were $10,212. If this unrecognized tax benefit were ultimately recognized, $6,760 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $217 at October 31, 2014, and $402 at April 30, 2014. Net interest and penalties included in income tax expense for the six months ended October 31, 2014, was a net benefit of $185 and an expense of $102 for the same period of 2014. | |||
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 Company currently has no 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 $2,561 within the next 12 months. The expected decrease is due to the expiration of the statute of limitations related to certain federal and state income tax filings positions. | |||
The federal statute of limitation remains open for the tax years 2010 and forward. Tax years 2009 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Note_9_Segment_Reporting
Note 9 - Segment Reporting | 6 Months Ended | ||
Oct. 31, 2014 | |||
Notes to Financial Statements | ' | ||
Segment Reporting Disclosure [Text Block] | ' | ||
9 | Segment Reporting | ||
As of October 31, 2014 we operated 1,856 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 and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery & other merchandise, and prepared food and fountain because it makes it easier for us to discuss trends and operational initiatives 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. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 6 Months Ended | ||
Oct. 31, 2014 | |||
Notes to Financial Statements | ' | ||
Subsequent Events [Text Block] | ' | ||
10 | Subsequent Events | ||
. | |||
Events that have occurred subsequent to | |||
October | |||
31, | |||
2014 | |||
have been evaluated | |||
for disclosure | |||
through the filing date of this Quarterly Report on Form 10-Q with the SEC. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition, Policy [Policy Text Block] | ' |
3 | |
Revenue Recognition | |
The Company recognizes retail sales of gasoline, grocery and general merchandise, prepared food | |
and fountain | |
and commissions on lottery, prepaid phone cards, and video rentals 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. |
Note_5_Disclosure_of_Compensat1
Note 5 - Disclosure of Compensation Related Costs, Share Based Payments (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes Tables | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Weighted | |||||||||
Number of | average option | ||||||||
option shares | exercise price | ||||||||
Outstanding at April 30, 2014 | 712,024 | $ | 36.73 | ||||||
Granted | — | — | |||||||
Exercised | 147,050 | 40.54 | |||||||
Forfeited | — | — | |||||||
Outstanding at October 31, 2014 | 564,974 | $ | 35.73 | ||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||
Unvested at April 30, 2014 | 148,546 | ||||||||
Granted | 91,000 | ||||||||
Vested | (38,198 | ) | |||||||
Forfeited | (8,086 | ) | |||||||
Unvested at October 31, 2014 | 193,262 |
Note_6_Acquisitions_Tables
Note 6 - Acquisitions (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes Tables | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
Assets acquired: | |||||||||
Inventories | $ | 2,471 | |||||||
Property and equipment | 25,250 | ||||||||
Total assets | 27,721 | ||||||||
Liabilities assumed: | |||||||||
Accrued expenses | 58 | ||||||||
Total liabilities | 27,663 | ||||||||
Net tangible assets acquired, net of cash | |||||||||
Goodwill and other intangible assets | 6,625 | ||||||||
Total consideration paid, net of cash acquired | $ | 34,288 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Six months ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues | $ | 4,447,737 | 4,187,458 | ||||||
Net earnings (1) | 100,060 | 94,364 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 2.59 | 2.46 | ||||||
Diluted | $ | 2.56 | 2.43 |
Note_4_Longterm_Debt_and_Fair_1
Note 4 - Long-term Debt and Fair Value Disclosure (Details Textual) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Disclosure Text Block [Abstract] | ' | ' |
Long-term Debt, Fair Value | $891,000 | $841,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | 100,000 |
Long-term Line of Credit | $0 | $0 |
Note_5_Disclosure_of_Compensat2
Note 5 - Disclosure of Compensation Related Costs, Share Based Payments (Details Textual) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2014 | Apr. 30, 2014 | Sep. 19, 2014 | Oct. 31, 2014 | Jun. 06, 2014 | Jun. 19, 2013 | Sep. 13, 2013 |
Stock Incentive Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||
Non Employee Member of the Board [Member] | Certain Officer and Key Employee [Member] | Certain Officer and Key Employee [Member] | Non Employee Member of the Board [Member] | |||||||
Disclosure Text Block [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | 3,890,708 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | 13,955 | 91,000 | 91,000 | 77,650 | 14,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | ' | ' | ' | ' | ' | $990 | ' | $6,584 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 564,974 | ' | ' | 564,974 | 712,024 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 26,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 160 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 564,974 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $35.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '5 years 160 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 4,626 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | ' | ' | 6,270 | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 2,667 | 2,420 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $7,878 | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Note_5_Disclosure_of_Compensat3
Note 5 - Disclosure of Compensation Related Costs, Share Based Payments - Stock Option Activity (Details) (USD $) | 6 Months Ended |
Oct. 31, 2014 | |
Outstanding at October 31, 2014 (in shares) | 564,974 |
Employee Stock Option [Member] | ' |
Outstanding at April 30, 2014 (in shares) | 712,024 |
Outstanding at April 30, 2014 (in dollars per share) | $36.73 |
Exercised (in shares) | 147,050 |
Exercised (in dollars per share) | $40.54 |
Outstanding at October 31, 2014 (in shares) | 564,974 |
Outstanding at October 31, 2014 (in dollars per share) | $35.73 |
Note_5_Disclosure_of_Compensat4
Note 5 - Disclosure of Compensation Related Costs, Share Based Payments - Restricted Stock Units Activity (Details) (Restricted Stock Units (RSUs) [Member]) | 6 Months Ended |
Oct. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Unvested at April 30, 2014 (in shares) | 148,546 |
Granted (in shares) | 91,000 |
Vested (in shares) | -38,198 |
Forfeited (in shares) | -8,086 |
Unvested at October 31, 2014 (in shares) | 193,262 |
Note_6_Acquisitions_Details_Te
Note 6 - Acquisitions (Details Textual) | 6 Months Ended |
Oct. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Goodwill Deductible for Income Tax Purposes Period | '15 years |
Stores [Member] | ' |
Disclosure Text Block [Abstract] | ' |
Number of Businesses Acquired | 29 |
Note_6_Acquisitions_Allocation
Note 6 - Acquisitions - Allocation of the Purchase Price for Acquisitions (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 |
Liabilities assumed: | ' |
Goodwill and other intangible assets | $127,031 |
Total consideration paid, net of cash acquired | 34,288 |
In Fiscal Year 2015 [Member] | ' |
Assets acquired: | ' |
Inventories | 2,471 |
Property and equipment | 25,250 |
Total assets | 27,721 |
Liabilities assumed: | ' |
Accrued expenses | 58 |
Total liabilities | 27,663 |
Goodwill and other intangible assets | 6,625 |
Total consideration paid, net of cash acquired | $34,288 |
Note_6_Acquisitions_Unaudited_
Note 6 - Acquisitions - Unaudited Pro Forma Information (Details) (USD $) | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | ||
Total revenues | $4,447,737 | $4,187,458 | ||
Net earnings (1) | $100,060 | [1] | $94,364 | [1] |
Earnings per common share: | ' | ' | ||
Basic (in dollars per share) | $2.59 | $2.46 | ||
Diluted (in dollars per share) | $2.56 | $2.43 | ||
[1] | Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, Net Earnings for the six months ended October 31, 2013 have been revised. |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details Textual) | 0 Months Ended |
Nov. 20, 2012 | |
Disclosure Text Block [Abstract] | ' |
Loss Contingency, Claims Settled, Number | 4 |
Note_8_Unrecognized_Tax_Benefi1
Note 8 - Unrecognized Tax Benefits (Details Textual) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 |
Disclosure Text Block [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits | $10,212 | ' | $9,244 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 6,760 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 217 | ' | 402 |
Income Tax Examination, Penalties and Interest Expense | 185 | 102 | ' |
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | $2,561 | ' | ' |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ' | ' | ' |
Disclosure Text Block [Abstract] | ' | ' | ' |
Open Tax Year | '2010 | ' | ' |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ' | ' | ' |
Disclosure Text Block [Abstract] | ' | ' | ' |
Open Tax Year | '2009 | ' | ' |
Note_9_Segment_Reporting_Detai
Note 9 - Segment Reporting (Details Textual) | 6 Months Ended |
Oct. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Number of Stores | 1,856 |
Number of States in which Entity Operates | 14 |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |