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Disclosure Of Compensation Related Costs, Share Based Payments
 3 Months Ended
Jul. 31, 2011
Disclosure Of Compensation Related Costs, Share Based Payments  
Disclosure Of Compensation Related Costs, Share-Based Payments

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 4,454,604 shares still available for grant at July 31, 2011.  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.  On June 10, 2011, restricted stock units with respect to a total of 9,198 shares were granted to certain officers and key employees for the equity component of the 2011 fiscal year incentive compensation award. These awards were granted at no cost to the grantee. These awards will vest on May 1, 2014 and compensation expense is currently being recognized ratably over the vesting period. Additional information regarding the Plan is provided in the Company's 2009 Proxy Statement.

                On June 23, 2011, stock options totaling 441,000 shares were granted to certain officers and key employees at an exercise price equal to the Company's closing stock price on that day.  These awards were granted at no cost to the employee.  These awards will vest on June 23, 2014 and compensation expense is currently being recognized ratably over the vesting period.

On June 23, 2011, restricted stock units totaling 15,000 shares were granted to the CEO.  This award was also granted at no cost to the employee.  This award will vest on June 23, 2014 and compensation expense is currently being recognized ratably over the vesting period.

At July 31, 2011, options for shares (which expire between 2012 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 Shares

 

 

Weighted Average Exercise Price

 

 

 

 

 

 

Outstanding April 30, 2011

 

775,609 

 

$

23.38

Granted

 

441,000 

 

 

44.39

Exercised

 

(64,500)

 

 

20.41

Forfeited

 

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Outstanding at July 31, 2011

 

1,152,109 

 

$

31.59

 

At July 31, 2011, all outstanding options had an aggregate intrinsic value of $15,449 and a weighted average remaining contractual life of 7.6 years.  The vested options totaled 371,109 shares with a weighted average exercise price of $22.18 per share and a weighted average remaining contractual life of 4.6 years.  The aggregate intrinsic value for the vested options as of July 31, 2011, was $8,468.  The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2011, was $1,512 and the total fair value of shares granted during the three months ended July 31, 2011, was $6,461.

Total compensation costs recorded for the three months ended July 31, 2011 and 2010, respectively, were $477 and $810 for the stock option and restricted stock unit awards.  As of July 31, 2011, there was $7,283 of total unrecognized compensation costs related to the Plan and Prior Plans for stock options and $989 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2014.