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Disclosure of Compensation Related Costs, Share Based Payments | 6 Months Ended
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Oct. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share Based Payments | 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 2,986,394 shares available for grant at October 31, 2017. 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 using the Black Scholes model, and value 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. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. The following table summarizes the most recent compensation grants as of October 31, 2017:
Date of Grant | Type of Grant | Shares Granted | Recipients | Vesting Date | Fair Value at Grant Date
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
September 18, 2015 | Restricted Stock | 7,748 |  | Non-employee board members | Immediate | $856
April 12, 2016 | Restricted Stock | 10,000 |  | CEO | 2,000 Shares each May 1st from 2017-2021 | $1,060
June 3, 2016 | Restricted Stock Units | 111,150 |  | Officers & Key employees | June 3, 2019 | $13,849
June 3, 2016 | Restricted Stock | 40,996 |  | Officers & Key employees | Immediate (Annual performance goal) | $5,108
September 16, 2016 | Restricted Stock | 8,941 |  | Non-employee board members | Immediate | $1,064
June 1, 2017 | Restricted Stock Units | 63,699 |  | Key Employees | June 15, 2020 | $7,388
July 14, 2017 | Restricted Stock Units *** | 61,126 |  | Officers | June 15, 2020 | $6,912
September 15, 2017 | Restricted Stock | 8,344 |  | Non-employee board members | Immediate | $920
*** This grant of restricted stock units includes time-based, performance-based and market-based awards. The performance-based awards included in the figure above represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of the “target". The market-based awards incorporate market conditions in determining fair value as of the grant date. Total market-based expense of approximately $2.6 million will be recognized on a straight-line basis over the vesting period, subject to retirement provisions. At October 31, 2017, options for 211,825 shares (which expire between 2018 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 option shares |  | Weighted average option exercise price
Outstanding at April 30, 2017 | 222,050 |  |  | $ | 38.51 |
Granted | — |  |  | — |
Exercised | 10,225 |  |  | 29.10 |
Forfeited | — |  |  | — |
Outstanding at October 31, 2017 | 211,825 |  |  | $ | 38.96 |
At October 31, 2017, all 211,825 outstanding options were vested, and had an aggregate intrinsic value of $16,016 and a weighted average remaining contractual life of 3.08 years. The aggregate intrinsic value for the total of all options exercised during the six months ended October 31, 2017, was $815. Information concerning the unvested restricted stock units under the Plan is presented in the following table:
Unvested at April 30, 2017 | 303,400 |
Granted | 124,825 |
Vested | (87,600 | )
Forfeited | (1,344 | )
Unvested at October 31, 2017 | 339,281 |
Total compensation costs recorded for the six months ended October 31, 2017 and 2016, respectively, were $12,780 and $4,948 for the stock option, restricted stock, and restricted stock unit awards to employees. As of October 31, 2017, there were no unrecognized compensation costs related to the Plan for stock options and $14,069 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2021.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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