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Preferred and Common Stock | 12 Months Ended
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Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Preferred And Common Stock | PREFERRED AND COMMON STOCK Preferred stock The Company has 1,000,000 authorized shares of preferred stock of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares have been issued. Common stock The Company currently has 120,000,000 authorized shares of common stock. Stock option plans The 2009 Stock Incentive Plan (the “Plan”), was approved by the Board of Directors 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 3,556,936 shares available for grant at April 30, 2016 under the Plan. 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. Restricted stock is transferred to the employee or non-employee immediately upon grant, whereas restricted stock units have a vesting period that must expire before the stock is transferred. We account for stock-based compensation by estimating the fair value of stock options using the Black Scholes model, and value restricted stock unit awards granted under the Plan using 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, as adjusted for certain retirement provisions. At April 30, 2016, stock options for 291,200 shares (which expire between 2017 and 2021) were outstanding. All stock option shares issued are previously unissued authorized shares. The following table summarizes the most recent compensation grants made during the three-year period ended April 30, 2016:
Date of Grant | Type of Grant | Shares Granted | Recipients | Vesting Date | Fair Value at Grant Date
June 7 & 19, 2013 | Restricted Stock Units | 77,650 |  | Officers & Key employees | June 7, 2016 | $4,816
September 13, 2013 | Restricted Stock Units | 14,000 |  | Non-employee board members | May 1, 2014 | $958
June 6, 2014 | Restricted Stock Units | 91,000 |  | Officers & Key employees | June 6, 2017 | $6,584
June 6, 2014 | Restricted Stock | 30,538 |  | Officers & Key employees | Immediate (Annual performance goal) | $2,209
September 19, 2014 | Restricted Stock | 13,955 |  | Non-employee board members | Immediate | $990
June 5, 2015 | Restricted Stock Units | 104,200 |  | Officers & Key employees | June 5, 2018 | $9,135
June 5, 2015 | Restricted Stock | 48,913 |  | Officers & Key employees | Immediate (Annual performance goal) | $4,288
April 12, 2016 | Restricted Stock Units | 10,000 |  | CEO | 20% each May 1, 2017-2021 | $1,060
Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:
| Number of option shares |  | Weighted average option exercise price
Outstanding at April 30, 2013 | 854,809 |  |  | $ | 34.64 |
Granted | — |  |  | — |
Exercised | (140,785 | ) |  | 23.93 |
Forfeited | (2,000 | ) |  | 44.39 |
Outstanding at April 30, 2014 | 712,024 |  |  | $ | 36.73 |
Granted | — |  |  | — |
Exercised | (310,224 | ) |  | 36.96 |
Forfeited | — |  |  | — |
Outstanding at April 30, 2015 | 401,800 |  |  | $ | 36.55 |
Granted | — |  |  | — |
Exercised | (108,100 | ) |  | 34.37 |
Forfeited | (2,500 | ) |  | 25.26 |
Outstanding at April 30, 2016 | 291,200 |  |  | $ | 37.46 |
At April 30, 2016, all outstanding options had an aggregate intrinsic value of $21,707 and a weighted average remaining contractual life of 4.32 years. All options are vested as of April 30, 2016. The aggregate intrinsic value for the total of all options exercised during the year ended April 30, 2016 was $8,071, and no shares vested during the year ended April 30, 2016. At April 30, 2016, the range of exercise prices for outstanding options was $24.11 – $44.39. The number of shares and weighted average remaining contractual life of the options by range of applicable exercise prices at April 30, 2016 were as follows:
Range of exercise prices | Number of shares |  | Weighted average exercise price |  | Weighted average remaining contractual life (years)
24.11-25.26 | 84,350 |  |  | 25.23 |  |  | 3.1
25.49-26.92 | 22,500 |  |  | 26.47 |  |  | 1.8
44.39 | 184,350 |  |  | 44.39 |  |  | 5.2
| 291,200 |  |  |  |  |
Information concerning the issuance of restricted stock units under the Plan is presented in the following table:
Unvested at April 30, 2013 | 71,196 |
Granted | 91,650 |
Vested | (14,150 | )
Forfeited | (150 | )
Unvested at April 30, 2014 | 148,546 |
Granted | 91,000 |
Vested | (38,198 | )
Forfeited | (7,418 | )
Unvested at April 30, 2015 | 193,930 |
Granted | 114,200 |
Vested | (31,480 | )
Forfeited | (3,750 | )
Unvested at April 30, 2016 | 272,900 |
Total compensation costs recorded for the stock options, restricted stock, and restricted stock unit awards for the years ended April 30, 2016, 2015 and 2014 were $7,413, $7,307, and $5,600, respectively. As of April 30, 2016, there was $9,212 of total unrecognized compensation costs related to the Plan and Prior Plans for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2019.

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