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Note 5 - Disclosure of Compensation Related Costs, Share Based Payments
 3 Months Ended
Jul. 31, 2014
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 3,916,668 shares still available for grant at July 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, 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. 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.


At July 31, 2014, options for 645,124 shares (which expire between 2014 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

 
   

option shares

   

exercise price

 

Outstanding at April 30, 2014

    712,024     $ 36.73  

Granted

    ---       ---  

Exercised

    (66,900 )     40.27  

Forfeited

    ---       ---  

Outstanding at July 31, 2014

    645,124     $ 36.36  

At July 31, 2014, all outstanding options had an aggregate intrinsic value of $19,231 and a weighted average remaining contractual life of 5.8 years. The vested options totaled 645,124 shares with a weighted average exercise price of $36.36 per share and a weighted average remaining contractual life of 5.8 years. The aggregate intrinsic value for the vested options as of July 31, 2014, was $19,231. The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2014, was $2,018. The fair value of options vested during the quarter ended July 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

    (6,136 )

Unvested at July 31, 2014

    195,212  

Total compensation costs recorded for the three months ended July 31, 2014 and 2013, respectively, were $1,632 and $1,044 for the stock option and restricted stock unit awards. As of July 31, 2014, there were no unrecognized compensation costs related to the Plan for stock options and $9,312 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2018.