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Note 6 - Disclosure of Compensation Related Costs, Share Based Payments
 3 Months Ended
Jul. 31, 2014
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
6.
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
s
tatements of
i
ncome
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
, 201
3 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.
 
A
t
July
31,
2014
, options for
645,124
shares (which expire between 201
4
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 201
8.