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Stock-Based Compensation (Tables)

9 Months Ended

Jan. 31, 2023

Share-based Payment Arrangement [Abstract]

Nonvested Restricted Stock Shares Activity

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

			Nine Months Ended January 31,
			2023						2022
Restricted Stock:
Awards granted (shares)			546						653
Weighted average fair value of grant			$	45.31					$	57.00

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table provides the estimated weighted average fair value for options granted during the nine months ended January 31, 2023 and 2022 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination.

			Nine Months Ended January 31,
			2023						2022
Weighted average fair value of options on grant date			$	9.42					$	11.72
Weighted average assumptions:
Expected life of options (years)			5.9						6.3
Risk-free interest rate			0.5		%				1.2		%
Expected volatility			31.2		%				30.7		%
Expected dividend yield			3.0		%				2.4		%
Fair value of common stock on grant date			$	45.99					$	56.66
Exercise price of stock option grant			$	45.99					$	62.18

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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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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