Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2017

Estimated Weighted-Average Fair Value for Options Granted and Significant Weighted-Average Assumptions Used

The following table provides the estimated weighted average fair value for options granted each period using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of the Company’s Common Stock price over the estimated life of the option while, the dividend yield is based on the expected dividend payments to be made by the Company.

	For the Years Ended April 30
	2016	2015
Fair Value of Options on Grant Date	$14.77	$16.97

Weighted Average assumptions:
Expected Life of Options (years)	7.2	7.2
Risk-Free Interest Rate	2.1%	2.2%
Expected Volatility	29.7%	30.9%
Expected Dividend Yield	2.1%	1.9%
Fair Value of Common Stock on Grant Date	$55.99	$59.70

Summary of Activity and Status of Stock Option Plans

A summary of the activity and status of the Company’s stock option plans follows:

	2017					2016		2015
	Options (in 000’s)	Weighted Average Exercise Price		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value (in millions)	Options (in 000’s)	Weighted Average Exercise Price	Options (in 000’s)	Weighted Average Exercise Price
Outstanding at Beginning of Year	1,966		$46.62			1,921	$45.50	2,508	$42.34
Granted	-		$ -			166	$55.99	189	$59.70
Exercised	(469)		$43.74			(103)	$40.22	(747)	$38.32
Expired or Forfeited	(68)		$49.91			(18)	$51.02	(29)	$49.32
Outstanding at End of Year	1,429		$47.39	3.6	$9.2	1,966	$46.62	1,921	$45.50
Exercisable at End of Year	1,064		$46.04	3.0	$7.3	1,140	$45.22	815	$42.31
Vested and Expected to Vest in the Future at April 30	1,249		$45.88	2.7	$8.5	1,925	$46.61	1,872	$42.91

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at April 30, 2017:

	Options Outstanding			Options Exercisable
Range of Exercise Prices	Number of Options (in 000’s)	Weighted Average Remaining Term (in years)	Weighted Average Exercise Price	Number of Options (in 000’s)	Weighted Average Exercise Price
$35.04	69	2.0	$35.04	69	$35.04
$39.53 to $40.02	398	3.8	$39.67	260	$39.74
$47.55 to $49.55	660	2.3	$48.53	659	$48.53
$55.99 to $59.70	302	6.4	$57.88	76	$56.16
Total/Average	1,429	3.6	$47.39	1,064	$46.04

Activity for Performance-Based and Other Restricted Stock Awards

Under certain circumstances relating to a change of control or termination, as defined, the restrictions would lapse and shares would vest earlier. Activity for performance-based and other restricted stock awards during fiscal years 2017, 2016 and 2015 was as follows (shares in thousands):

	2017		2016	2015
	Restricted Shares	Weighted Average Grant Date Value	Restricted Shares	Restricted Shares
Nonvested Shares at Beginning of Year	915	$50.75	752	745
Granted	509	$50.56	289	363
Change in shares due to performance	(67)	$58.23	86	(65)
Vested and Issued	(267)	$45.29	(154)	(159)
Forfeited	(177)	$49.95	(58)	(132)
Nonvested Shares at End of Year	913	$51.85	915	752