XML 38 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Disclosure of Compensation Related Costs, Share Based Payments
 3 Months Ended
Jul. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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 4,362,608 shares still available for grant at July 31, 2012.  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 8, 2012, restricted stock units with respect to a total of 32,998 shares were granted to certain officers and key employees for the equity component of the 2012 fiscal year incentive compensation award. These awards were granted at no cost to the grantee. These awards will vest on May 1, 2015 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.

At July 31, 2012, options for shares (which expire between 2013 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

 

 

 

 

Weighted

 

restricted

 

Number of

 

 

average option

 

stock units

 

option shares

 

 

exercise price

Outstanding April 30, 2012

 66,198

 

 1,053,509

 

$

 

32.59

 

Granted

 32,998

 

 -

 

 

 

 -

 

Exercised

 -

 

 (145,798)

 

 

 

23.84

 

Forfeited

 -

 

 (500)

 

 

 

14.08

 

Outstanding July 31, 2012

 99,196

 

 907,211

 

$

 

34.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At July 31, 2012, all outstanding options had an aggregate intrinsic value of $23,062 and a weighted average remaining contractual life of 7.2 years.  The vested options totaled 209,511 shares with a weighted average exercise price of $23.06 per share and a weighted average remaining contractual life of 5.6 years.  The aggregate intrinsic value for the vested options as of July 31, 2012, was $7,620.  The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2012, was $8,653.

Total compensation costs recorded for the three months ended July 31, 2012 and 2011, respectively, were $1,036 and $477 for the stock option and restricted stock unit awards.  As of July 31, 2012, there was $4,108 of total unrecognized compensation costs related to the Plan for stock options and $2,442 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2015.