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Stock-Based Compensation | 12 Months Ended
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Apr. 30, 2024
Stock-Based Compensation |
Stock-Based Compensation | 13. Stock-Based Compensation ​ For the years ended April 30, 2024, 2023 and 2022, the Company recorded stock-based compensation expense of approximately $17,069,000, $10,765,000 and $5,390,000, respectively. ​ On September 24, 2021, the stockholders of the Company approved the 2021 Equity Incentive Plan (“2021 Plan”) effective September 24, 2021, for officers, directors, key employees and consultants. Under the 2021 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. The sum of any cash compensation, or other compensation, and the value of awards granted to a non-employee director as compensation for services as a non-employee director during any fiscal year may not exceed $500,000, which amount is increased to $700,000 in the fiscal year of a non-employee director’s initial year of service as a non-employee director. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant. ​ On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan (“2006 Plan”) effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan (“Restated 2006 Plan”). Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash to any one participant as a performance-based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant. The Restated 2006 Plan expired in July 2021. ​ The fair value of stock options granted previously was estimated at the grant date using the Black-Scholes option pricing model. Assumptions included in the Black-Scholes option pricing model included the expected term of stock options, the expected volatility, the risk-free interest rate, and the expected dividend yield. The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company’s historical exercise and post-vesting cancellation experience and the remaining contractual life of its outstanding options. The expected volatility is based on historical volatility for the Company’s stock. The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon bond with a remaining term that approximates the expected term of the option. The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future. ​ Information related to the stock option plans at April 30, 2024, 2023 and 2022, and for the years then ended is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Restated 2006 Plan
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercise
​ | ​ | Shares | ​ | Price
Outstanding at April 30, 2021 |  | 280,526 | ​ |  | 24.57
Options granted |  | — | ​ |  | —
Options exercised |  | (114,362) | ​ |  | 24.28
Options canceled |  | — | ​ |  | —
Outstanding at April 30, 2022 |  | 166,164 | ​ |  | 24.78
Options granted |  | — | ​ |  | —
Options exercised |  | (100,000) | ​ |  | 22.77
Options canceled |  | — | ​ |  | —
Outstanding at April 30, 2023 |  | 66,164 | ​ |  | 27.82
Options granted |  | — | ​ |  | —
Options exercised |  | — | ​ |  | —
Options canceled |  | — | ​ |  | —
Outstanding at April 30, 2024 |  | 66,164 | ​ |  | 27.82
Options exercisable at April 30, 2024 |  | 66,164 | ​ | $ | 27.82
​ The total intrinsic value of all options exercised during the years ended April 30, 2024, 2023 and 2022 was approximately $0, $7,369,000, and $4,785,000, respectively. The intrinsic value of all options outstanding and exercisable at April 30, 2024 and 2023 was $8,732,000 and $4,822,000, respectively. The Company had zero non-vested stock options as of April 30, 2024 and 2023 and the years then ended, respectively. ​ As of April 30, 2024, there was approximately $12,693,000 of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately two-year period or a weighted average period of approximately 2.1 years. ​ No options were granted during the fiscal years ended April 30, 2024, 2023 and 2022. The total fair value of shares vesting during the years ended April 30, 2024, 2023 and 2022 was $6,170,000, $6,264,000 and $5,901,000, respectively. ​ Proceeds from all option exercises under all stock option plans for the years ended April 30, 2024, 2023 and 2022 were approximately $0, $2,278,000 and $2,776,000, respectively. The tax benefit realized from stock-based compensation was $0, $3,387,000 and $0 for the fiscal years ended April 30, 2024, 2023, and 2022, respectively. ​ The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Options Outstanding | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | Options Exercisable |
| ​ | ​ | ​ |  | ​ |  | Remaining |  | Weighted |  | ​ |  | Weighted |
​ | ​ | ​ | ​ | ​ | As of | ​ | Contractual | ​ | Average | ​ | As of | ​ | Average |
​ | ​ | ​ | ​ | ​ | April 30, | ​ | Life In | ​ | Exercise | ​ | April 30, | ​ | Exercise |
Range of Exercise Prices | ​ | 2024 | ​ | Years | ​ | Price | ​ | 2024 | ​ | Price |
$ | 26.70 | - | 28.99 |  | 50,000 |  | 1.15 | ​ | $ | 26.70 |  | 50,000 | ​ | $ | 26.70 | ​
​ | 29.00 | - | 31.27 |  | 16,164 |  | 0.25 | ​ |  | 31.27 |  | 16,164 | ​ |  | 31.27 | ​
$ | 26.70 | - | 31.27 |  | 66,164 |  | 0.93 | ​ | $ | 27.82 |  | 66,164 | ​ | $ | 27.82 | ​
​ The remaining weighted average contractual life of exercisable options at April 30, 2024 was 0.9 years. ​ Information related to the Company’s restricted stock awards at April 30, 2024 and for the year then ended is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 Plan | ​ | Restated 2006 Plan |
​ |  | ​ |  | Weighted | ​ | ​ |  | Weighted |
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date |
​ | ​ | Shares | ​ | Fair Value | ​ | Shares | ​ | Fair Value |
Unvested stock at April 30, 2023 |  | 95,599 | ​ | $ | 85.90 | ​ | 44,080 | ​ | $ | 99.62 | ​
Stock granted |  | 149,502 | ​ |  | 99.89 | ​ | — | ​ |  | — | ​
Stock vested |  | (43,692) | ​ |  | 64.72 | ​ | (31,910) | ​ |  | 99.92 | ​
Stock canceled |  | (9,802) | ​ |  | 91.03 | ​ | (2,268) | ​ |  | 116.95 | ​
Unvested stock at April 30, 2024 |  | 191,607 | ​ | $ | 101.38 | ​ | 9,902 | ​ | $ | 94.67 | ​
​ Information related to the Company’s restricted stock units at April 30, 2024 and for the year then ended is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Restated 2021 Plan | ​ | Restated 2006 Plan |
​ |  | ​ |  | Weighted |  | ​ |  | Weighted |
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date |
​ | ​ | Shares | ​ | Fair Value | ​ | Shares | ​ | Fair Value |
Unvested stock at April 30, 2023 |  | 814 | ​ | $ | 85.91 |  | 2,688 | ​ | $ | 97.69 | ​
Stock granted |  | 2,873 | ​ |  | 104.30 |  | — | ​ |  | — | ​
Stock vested |  | (272) | ​ |  | 85.91 |  | (1,339) | ​ |  | 97.69 | ​
Stock canceled |  | — | ​ |  | — |  | — | ​ |  | — | ​
Unvested stock at April 30, 2024 |  | 3,415 | ​ | $ | 101.38 |  | 1,349 | ​ | $ | 97.69 | ​
​

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