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Disclosure of Compensation Related Costs, Share Based Payments
 9 Months Ended
Jan. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share Based Payments

 

5.Disclosure of Compensation Related Costs, Stock 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 4,334,608 shares still available for grant at January 31, 2013.  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 granted under the Plan using the Black-Scholes option pricing model. Restricted stock unit awards are valued at 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 Comprehensive Income over the requisite service period using the straight-line method.  Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement.

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.

On September 14, 2012, 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 will vest on May 1, 2013 and compensation expense is currently being recognized ratably over the vesting period.

At January 31, 2013, 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 at April 30, 2012
38,198 

 
1,053,509 

 

$

 

32.59

 

Granted
46,998 

 

 -

 

 

 

 -

 

Exercised

 -

 
(170,198)

 

 

 

24.73

 

Forfeited

 -

 
(500)

 

 

 

14.08

 

Outstanding at January 31, 2013
85,196 

 
882,811 

 

$

 

34.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 31, 2013, all outstanding options had an aggregate intrinsic value of $18,196 and a weighted average remaining contractual life of 6.7 years.  The vested options totaled 452,811 shares with a weighted average exercise price of $24.36 per share and a weighted average remaining contractual life of 5.1 years.  The aggregate intrinsic value for the vested options as of January 31, 2013, was $13,750 .  The aggregate intrinsic value for the total of all options exercised during the nine months ended January 31, 2013, was $5,759.

Total compensation costs recorded for the nine months ended January 31, 2013 and 2012, respectively, were $3,165 and $2,657 for the stock option and restricted stock unit awards.  As of January 31, 2013, there was $2,974 of total unrecognized compensation costs related to the Plan for stock options and $2,028 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2015.