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Stock-Based Compensation (Tables)

3 Months Ended

Jul. 31, 2023

Share-Based Payment Arrangement [Abstract]

Nonvested Restricted Stock Shares Activity

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

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 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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- References

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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
-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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