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Stock-Based Compensation | 3 Months Ended
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Jul. 31, 2021
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 6 — Stock-Based Compensation We have stock-based compensation plans under which employees may be granted performance-based stock awards, other restricted stock awards and options. We recognize the grant date fair value of stock-based compensation in net income on a straight-line basis, net of estimated forfeitures over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established up to three years in advance, or less. For the three months ended July 31, 2021 and 2020, we recognized stock-based compensation expense, on a pretax basis, of $6.3 million and $4.3 million, respectively. Performance-Based and Other Restricted Stock Activity Under the terms of our long-term incentive plans, performance-based restricted unit awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year or less financial performance-based targets. During each three-year period or less, we adjust compensation expense based upon our best estimate of expected performance. We may also grant individual restricted unit awards payable in restricted shares of our Class A Common Stock to key employees in connection with their employment. The following table summarizes awards we granted to employees (shares in thousands):
|  | Three Months Ended July 31, |
|  | 2021 |  |  | 2020 |
Restricted Stock: |  |  |  |  |  |
Awards granted (shares) |  |  | 433 |  |  |  | 358 |
Weighted average fair value of grant |  | $ | 57.36 |  |  | $ | 38.88 |
Stock Option Activity On June 24, 2021, we granted 220,000 stock option awards. These options vest 10% on April 30, 2022, 20% on April 30, 2023, 30% on April 30, 2024 and 40% on April 30, 2025. The options are exercisable over a maximum period of ten years from the date of grant. The grant date fair value of these options was $11.80 using the Black-Scholes option-pricing model. The significant assumptions used in the fair value determination were as follows:
Expected life of options (years) |  |  | 6.3 |
Risk-free interest rate |  |  | 1.1 | %
Expected volatility |  |  | 30.6 | %
Expected dividend yield |  |  | 2.4 | %
Fair value of common stock on grant date |  | $ | 57.34 |
Exercise price of stock option grant |  | $ | 63.07 |
Prior to the above stock option grants in the three months ended July 31, 2021, we did not grant any stock option awards since the year ended April 30, 2016. As of April 30, 2019, all outstanding stock options vested allowing the participant the right to exercise their awards, and there was no unrecognized share-based compensation expense remaining related to those stock options.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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