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Employee Stock Plans (Tables)
12 Months Ended
Apr. 30, 2012
Components Of Stock-Based Compensation Expense Recognized

The following table summarizes the components of stock-based compensation expense recognized in the Company’s consolidated statements of income for the periods indicated:

 

     Year Ended April 30,  
     2012     2011     2010  
     (in thousands)  

Restricted stock

   $ 12,381      $ 14,090      $ 16,470   

Stock options and SARs

     933        1,028        853   

ESPP

     85        429        406   
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense, pre-tax

     13,399        15,547        17,729   

Tax benefit from stock-based compensation expense

     (4,701     (5,675     (6,471
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense, net of tax

   $ 8,698      $ 9,872      $ 11,258   
  

 

 

   

 

 

   

 

 

 
Weighted-Average Assumptions Used To Estimate Fair Value Of Each Employee Stock Option And SARs

The weighted-average assumptions used to estimate the fair value of each employee stock option and SARs were as follows:

 

     Year Ended April 30,  
     2012     2011     2010  

Expected volatility

     47.07     47.67     48.91

Risk-free interest rate

     1.47     1.83     2.53

Expected option life (in years)

     5.00        5.00        5.00   

Expected dividend yield

     0.00     0.00     0.00
Stock Options And SAR Transactions

Stock options and SAR transactions under the Company’s 2008 Plan were as follows:

 

     April 30,  
     2012      2011      2010  
     Options     Weighted-
Average
Exercise
Price
     Options     Weighted-
Average
Exercise
Price
     Options     Weighted-
Average
Exercise
Price
 
     (in thousands, except per share data)  

Outstanding, beginning of year

     1,833      $ 13.78         2,723      $ 14.72         3,113      $ 14.83   

Granted

     48      $ 22.71         211      $ 13.97         621      $ 11.26   

Exercised

     (235   $ 12.76         (625   $ 12.81         (531   $ 8.21   

Forfeited/expired

     (154   $ 15.63         (476   $ 20.55         (480   $ 18.14   
  

 

 

      

 

 

      

 

 

   

Outstanding, end of year

     1,492      $ 14.00         1,833      $ 13.78         2,723      $ 14.72   
  

 

 

      

 

 

      

 

 

   

Exercisable, end of year

     1,061      $ 14.33         1,219      $ 14.64         2,142      $ 15.68   
  

 

 

      

 

 

      

 

 

   
Outstanding Stock Options And SARs

Outstanding stock options and SARs:

 

     April 30, 2012  
     Options Outstanding      Options Exercisable  

Range of Exercise Prices

   Shares      Weighted-
Average
Remaining
Contractual
Life

(in years)
     Weighted-
Average
Exercise
Price
     Shares      Weighted-
Average
Remaining
Contractual
Life

(in years)
     Weighted-
Average
Exercise
Price
 
     (in thousands, except per share data)  

$  6.26 - $  9.55

     312         0.9       $ 7.89         312         0.9       $ 7.89   

$  9.56 - $13.90

     463         4.4       $ 11.23         148         4.1       $ 10.80   

$13.91 - $17.97

     352         3.5       $ 16.79         282         3.2       $ 17.26   

$17.98 - $24.08

     365         2.9       $ 20.02         319         2.5       $ 19.66   
  

 

 

          

 

 

       
     1,492         3.1       $ 14.00         1,061         2.4       $ 14.33   
  

 

 

          

 

 

       
Additional Information Pertaining To Stock Options And SARs

Additional information pertaining to stock options and SARs:

 

     Year Ended April 30,  
         2012              2011              2010      
     (in thousands, except per share data)  

Weighted-average fair value per share of stock options granted

   $ 9.61       $ 6.07       $ 5.07   

Total fair value of stock options and SARs vested

   $ 1,065       $ 747       $ 612   

Total intrinsic value of stock options exercised

   $ 1,485       $ 5,164       $ 2,631   

Total intrinsic value of SARs paid

   $ 45       $ 178       $ 75   
Restricted Stock Activity

Restricted stock activity is summarized below:

 

     April 30,  
     2012      2011      2010  
     Shares     Weighted-
Average
Grant Date
Fair Value
     Shares     Weighted-
Average
Grant Date
Fair Value
     Shares     Weighted-
Average
Grant Date
Fair Value
 
     (in thousands, except per share data)  

Non-vested, beginning of year

     2,007      $ 8.64         2,480      $ 9.93         2,387      $ 15.50   

Granted

     687      $ 21.46         562      $ 15.12         1,017      $ 10.57   

Vested

     (794   $ 15.58         (920   $ 15.32         (754   $ 20.43   

Forfeited/expired

     (119   $ 18.19         (115   $ 14.83         (170   $ 17.91   
  

 

 

      

 

 

      

 

 

   

Non-vested, end of year

     1,781      $ 9.85         2,007      $ 8.64         2,480      $ 9.93