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Stock-Based Compensation (Tables)

3 Months Ended

Jul. 31, 2022

Stock-Based Compensation [Abstract]

Awards Granted to Employees

The following table summarizes awards we granted to employees (shares in thousands):

		Three Months Ended July 31,
		2022				2021
Restricted Stock:
Awards granted (shares)			494				433
Weighted average fair value of grant		$	45.99			$	57.36

Significant Assumptions Used in Fair Value Determination

The following table provides the estimated weighted average fair value for options granted during the three months ended July 31, 2022 and 2021 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination.

		Three Months Ended July 31,
		2022				2021
Weighted average fair value of options on grant date		$	9.42			$	11.80
Weighted Average Assumptions:
Expected life of options (years)			5.9				6.3
Risk-free interest rate			0.5	%			1.1	%
Expected volatility			31.2	%			30.6	%
Expected dividend yield			3.0	%			2.4	%
Fair value of common stock on grant date		$	45.99			$	57.34
Exercise price of stock option grant		$	45.99			$	63.07

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- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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