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Stockholders' Equity | 6 Months Ended
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Oct. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stockholders' Equity |
7. | STOCKHOLDERS’ EQUITY
Shares Available For Issuance In the fiscal year ended April 30, 2007, we adopted the 2006 Stock Incentive Plan (“2006 Plan”). The 2006 Plan was amended in the fiscal year ended April 30, 2010. Under the 2006 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (i) 2,475 shares of Class A common stock (subject to adjustment in the event of stock splits and other similar events), plus (ii) such additional number of shares of Class A common stock as are currently subject to options granted under our 1993 Incentive Stock Option Plan, 1994 Non-statutory Stock Option Plan, 1996 Option Plan, and 1997 Stock Option Plan (“Prior Plans”), which are not actually issued under the Prior Plans because such options expire or otherwise result in shares not being issued. As of October 31, 2014, there were 994 Class A common stock equivalents available for future grant under the 2006 Plan, inclusive of additional Class A common stock equivalents that were previously issued under our terminated plans and have become available for grant because such awards expired or otherwise resulted in shares not being issued. Stock Options Options under the 2006 Plan are granted at a price equal to the prevailing fair market value of our Class A common stock at the date of grant. Generally, options granted have a term not to exceed ten years and vest over a one to four year period from the date of grant. A summary of stock option activity for the six months ended October 31, 2014 is as follows:
|  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding, April 30, 2014 |  |  | 1,368 |  |  | $ | 8.65 |  |  |  |  |  |  |  |  |
Granted |  |  | 200 |  |  | $ | 4.86 |  |  |  |  |  |  |  |  |
Exercised |  |  | (33 | ) |  | $ | 4.30 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (145 | ) |  | $ | 13.06 |  |  |  |  |  |  |  |  |
Outstanding, October 31, 2014 |  |  | 1,390 |  |  | $ | 7.75 |  |  |  | 5.4 |  |  | $ | 248 |
Exercisable, October 31, 2014 |  |  | 849 |  |  | $ | 9.73 |  |  |  | 3.2 |  |  | $ | 139 |
Expected to vest, October 31, 2014 |  |  | 1,389 |  |  | $ | 7.76 |  |  |  | 5.4 |  |  | $ | 248 |
Stock-based compensation expense for stock options was $165 and $275 during the three and six months ended October 31, 2014, respectively, as compared to $88 and $203 during the three and six months ended October 31, 2013. As of October 31, 2014, total unrecognized stock-based compensation expense related to outstanding stock options was $1,200, which will be recognized over a weighted average period of 1.8 years. Our calculations of stock-based compensation expense associated with stock options granted in the three and six months ended October 31, 2014 were made using the Black-Scholes valuation model. The fair value of stock options grants were estimated assuming no expected dividend yield using the following weighted average assumptions for the three and six months ended October 31, 2014 (no stock options granted in the three and six months ended October 31, 2013):
|  | Three Months Ended October 31, 2014 |  |  | Six Months Ended October 31, 2014 |
Stock Options: |  |  |  |  |  |  |  |
Expected life |  |  | 7.13 years |  |  |  | 7.00 years |
Risk-free interest rate |  |  | 2.15 | % |  |  | 2.15 | %
Expected volatility |  |  | 82.08 | % |  |  | 82.75 | %
Expected life is calculated based on the weighted average historical life of the vested stock options, giving consideration to vesting schedules and historical exercise patterns. Risk-free interest rate is based on the U.S. Treasury yield curve for the period of the expected life of the stock option. Expected volatility is calculated using the weekly historical volatility of our Class A common stock over the expected life. The Black-Scholes valuation model requires extensive use of accounting judgment and financial estimation, including estimates of the expected term option holders will retain their vested stock options before exercising them, the estimated volatility of our Class A common stock price over the expected term and the number of stock options that will be forfeited prior to the completion of their vesting requirements. Application of alternative assumptions could produce significantly different estimates of the fair value of stock-based compensation and consequently, the related amounts recognized in the consolidated statements of operations. Other Stock Awards We grant restricted stock awards, restricted stock units and performance stock units under the 2006 Plan at a price equal to the fair market value of our Class A common stock at the date of grant. Restricted stock awards granted to non-employee directors vest incrementally over a three year period beginning on the first anniversary of the date of grant. Restricted stock units vest incrementally over an identified service period beginning on the grant date based on continued employment. Performance stock units vest on the third fiscal year-end following the grant date and are based on our attainment of a targeted average return on net assets as of the vesting date. A summary of restricted stock, restricted stock unit and performance stock unit activity for the six months ended October 31, 2014 is as follows:
|  | Restricted Stock, Restricted Stock Units, and Performance Stock Units (1) |  |  | Weighted Average Grant Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding, April 30, 2014 |  |  | 1,077 |  |  | $ | 4.77 |  |  |  |  |  |  |  |  |
Granted |  |  | 370 |  |  | $ | 4.91 |  |  |  |  |  |  |  |  |
Class A Common Stock Vested |  |  | (363 | ) |  | $ | 4.89 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (32 | ) |  | $ | 4.39 |  |  |  |  |  |  |  |  |
Outstanding, October 31, 2014 |  |  | 1,052 |  |  | $ | 4.79 |  |  |  | 1.7 |  |  | $ | 191 |
Expected to vest, October 31, 2014 |  |  | 927 |  |  | $ | 4.40 |  |  |  | 1.6 |  |  | $ | 173 |
(1) | Performance stock units are included at the 100% attainment level. Attainment of maximum annual returns on net assets could result in the issuance of an additional 251 shares of Class A common stock.
During the six months ended October 31, 2014, we awarded certain employees restricted stock units, which vest incrementally over a three year period beginning on the first anniversary of the date of grant and are based on continued employment. Stock-based compensation expense related to restricted stock, restricted stock units and performance stock units was $465 and $897 during the three and six months ended October 31, 2014, respectively, as compared to $475 and $966 during the three and six months ended October 31, 2013. As of October 31, 2014, total unrecognized compensation expense related to outstanding restricted stock and restricted stock units was $2,685, which will be recognized over a weighted average period of 1.9 years. Maximum unrecognized stock-based compensation expense at October 31, 2014 related to outstanding performance stock units, and subject to the attainment of targeted maximum annual returns on net assets, was $2,479 to be recognized over a weighted average period of 0.5 years. We do not expect to recognize any compensation expense as of October 31, 2014 related to outstanding performance stock units based on our expected attainment levels. We also recorded $16 and $37 of stock-based compensation expense related to our Employee Stock Purchase Plan during the three and six months ended October 31, 2014, respectively, as compared to $15 and $39 during the three and six months ended October 31, 2013. Accumulated Other Comprehensive Income The change in the balance of accumulated other comprehensive income, which is included as a component of our stockholders’ deficit, for the six months ended October 31, 2014 is as follows:
|  | Marketable Securities |
Beginning balance, April 30, 2014 |  | $ | 39 |
Other comprehensive income, net of tax before reclassifications |  |  | 6 |
Amounts reclassified from accumulated other comprehensive income |  |  | — |
Net current-period other comprehensive income, net of tax |  |  | 6 |
Ending balance, October 31, 2014 |  | $ | 45 |
A summary of reclassifications out of accumulated other comprehensive income for the three and six months ended October 31, 2014 and 2013 is as follows:
|  | Three Months Ended October 31, |  |  |
|  | 2014 |  |  | 2013 |  |  |
Details about Accumulated Other Comprehensive Income Components |  | Amount Reclassified Out of Accumulated Other Comprehensive Income |  |  | Affected Line Item in the Consolidated Statements of Operations
Loss on derivative instruments: |  |  |  |  |  |  |  |  |  |
Commodity hedges |  | $ | — |  |  | $ | (181 | ) |  | (Income) loss from equity method investments
|  |  | — |  |  |  | (181 | ) |  | (Income) loss from continuing operations before income taxes and discontinued operations
|  |  | — |  |  |  | — |  |  | Provision for income taxes
|  | $ | — |  |  | $ | (181 | ) |  | (Income) loss from continuing operations
|  | Six Months Ended October 31, |  |  |
|  | 2014 |  |  | 2013 |  |  |
Details about Accumulated Other Comprehensive Income Components |  | Amount Reclassified Out of Accumulated Other Comprehensive Income |  |  | Affected Line Item in the Consolidated Statements of Operations
Loss on derivative instruments: |  |  |  |  |  |  |  |  |  |
Commodity hedges |  | $ | — |  |  | $ | (345 | ) |  | (Income) loss from equity method investments
|  |  | — |  |  |  | (345 | ) |  | (Income) loss from continuing operations before income taxes and discontinued operations
|  |  | — |  |  |  | — |  |  | Provision for income taxes
|  | $ | — |  |  | $ | (345 | ) |  | (Income) loss from continuing operations

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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