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Stock-Based Compensation | 6 Months Ended
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Oct. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company has various stock-based compensation plans. During the six-months ended October 31, 2023, the Board of Directors of the Company approved grants of service-based restricted stock units ("RSUs") to non-employee directors. These service-based RSUs (i) vest daily through the end of the one-year vesting period as long as the recipient continuously remains a member of the Board and (ii) entitle the recipient to receive one share of the Company's common stock per unit vested. The Board of Directors also approved grants of service-based RSUs, performance-based RSUs and non-statutory stock options to key employees. The performance-based RSUs entitle the recipients to receive one share of the Company's common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units cliff vest at the end of the three year vesting period. The service-based RSUs to key employees entitle the recipients to receive one share of the Company's common stock per unit granted if they remain continuously employed with the Company until the units vest. The employee stock options cliff vest at the end of a three-year period and have a ten-year contractual term. Prior to June 2023, all of the Company's RSUs granted to employees cliff-vest three years from the grant date. Beginning in June 2023, service-based RSUs granted to employees vest one-third on each of the first, second and third anniversaries of the grant date. The fair value of the Company's RSU awards is expensed on a straight-line basis over the vesting period of the RSUs to the extent the Company believes it is probable the related performance criteria, if any, will be met. The following table summarizes the Company's stock-based compensations grants for the six-months ended October 31, 2023:
(in thousands, except per share amounts) |  | Stock Awards Granted
Service-based RSUs |  | 79,778
Performance-based RSUs |  | 155,062
Non-statutory stock options |  | 92,340
For the three- and six-month periods ended October 31, 2023 and 2022, stock-based compensation expense was allocated as follows:
|  | Three Months Ended |  | Six Months Ended
|  | October 31, |  | October 31,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of sales and distribution |  | $ | 473 |  |  | $ | 498 |  |  | $ | 1,051 |  |  | $ | 936 |
Selling and marketing expenses |  | 476 |  |  | 572 |  |  | 1,084 |  |  | 1,070 |
General and administrative expenses |  | 1,206 |  |  | 684 |  |  | 2,267 |  |  | 1,383 |
Stock-based compensation expense |  | $ | 2,155 |  |  | $ | 1,754 |  |  | $ | 4,402 |  |  | $ | 3,389 |
During the six months ended October 31, 2023, the Company also approved grants of 12,199 cash-settled performance-based restricted stock tracking units ("RSTUs") and 6,571 cash-settled service-based RSTUs for more junior level employees. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of one share of the Company's common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of one share of the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. Prior to June 2023, all of the Company's RSTUs granted to employees cliff-vest three years from the grant date. Beginning in June 2023, service-based RSTUs granted to employees vest one-third on each of the first, second and third anniversaries of the grant date. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The expense recognized for the three- and six-month periods ended October 31, 2023 and 2022, and the liability as of October 31, 2023 and April 30, 2023, related to RSTUs is not significant.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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