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Stock-Based Compensation | 3 Months Ended
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Jul. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 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, 2023 and 2022, we recognized stock-based compensation expense, on a pretax basis, of $6.3 million and $7.1 million, respectively. 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,
| 2023 |  | 2022
Restricted Stock: |  |  |
Awards granted (shares) | 789 |  | 494
Weighted average fair value of grant | $ | 31.54 |  |  | $ | 45.99 |
Stock Option Activity We granted 10,000 stock option awards during both the three months ended July 31, 2023 and 2022. Options are exercisable over a maximum period of ten years from the date of grant. These options generally vest 10%, 20%, 30%, and 40% on April 30, or on each anniversary date after the award is granted. The following table provides the estimated weighted average fair value for options granted during the three months ended July 31, 2023 and 2022 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination.
| Three Months Ended July 31,
| 2023 |  | 2022
Weighted average fair value of options on grant date | $ | 7.94 |  |  | $ | 9.42 |
Weighted average assumptions: |  |  |
Expected life of options (years) | 6.3 |  | 5.9
Risk-free interest rate | 3.9 | % |  | 0.5 | %
Expected volatility | 33.5 | % |  | 31.2 | %
Expected dividend yield | 4.3 | % |  | 3.0 | %
Fair value of common stock on grant date | $ | 32.68 |  |  | $ | 45.99 |
Exercise price of stock option grant | $ | 32.68 |  |  | $ | 45.99 |

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