XML 16 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 5 - Disclosure of Compensation Related Costs, Stock Based Payments
 3 Months Ended
Jul. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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 4,179,308 shares still available for grant at July 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 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 7, 2013 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. The fair value of these awards are $4.834. These awards will vest on June 7, 2016 and compensation expense is currently being recognized ratably over the vesting period.


At July 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

restricted

stock units

   

Number of

option shares

   

Weighted

average option

exercise price

 

Outstanding April 30, 2013

    113,196       854,809     $ 34.64  

Granted

    77,650       -------       -------  

Exercised

    -------       41,000       21.94  

Forfeited

    --------       -------       -------  

Outstanding July 31, 2013

    190,846       813,809     $ 35.28  

At July 31, 2013, there were 56,000 vested restricted stock units and 134,846 unvested restricted stock units. At July 31, 2013, all outstanding options had an aggregate intrinsic value of $25,190 and a weighted average remaining contractual life of 6.5 years. The vested options totaled 383,809 shares with a weighted average exercise price of $25.07 per share and a weighted average remaining contractual life of 5 years. The aggregate intrinsic value for the vested options as of July 31, 2013, was $15,799. The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2013, was $757.


Total compensation costs recorded for the three months ended July 31, 2013 and 2012, respectively, were $1,044 and $1,036 for the stock option and restricted stock unit awards. As of July 31, 2013, there was $1,924 of total unrecognized compensation costs related to the Plan for stock options and $7,931 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2017.