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Stockholders' Equity (Tables) | 6 Months Ended
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Oct. 31, 2012
Stockholders' Equity [Abstract] |
Reconciliation of the income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share |
|  | For the three months ended October 31, |  |  | For the six months ended October 31, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Net income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 16,401 |  |  | $ | 948 |  |  | $ | 35,272 |  |  | $ | 3,223 |
Income/(loss) from discontinued operations, net of tax |  |  | 4,784 |  |  |  | (2,539 | ) |  |  | 3,699 |  |  |  | (4,025 | )
Net income/(loss) |  | $ | 21,185 |  |  | $ | (1,591 | ) |  | $ | 38,971 |  |  | $ | (802 | )
Weighted average shares outstanding—Basic |  |  | 65,871 |  |  |  | 64,697 |  |  |  | 65,611 |  |  |  | 64,613 |
Dilutive effect of stock option and award plans |  |  | 1,403 |  |  |  | 413 |  |  |  | 1,303 |  |  |  | 517 |
Diluted shares outstanding |  |  | 67,274 |  |  |  | 65,110 |  |  |  | 66,914 |  |  |  | 65,130 |
Earnings per share—Basic (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.25 |  |  | $ | 0.01 |  |  | $ | 0.54 |  |  | $ | 0.05 |
Income/(loss) from discontinued operations |  | $ | 0.07 |  |  | $ | (0.04 | ) |  | $ | 0.06 |  |  | $ | (0.06 | )
Net income/(loss) |  | $ | 0.32 |  |  | $ | (0.02 | ) |  | $ | 0.59 |  |  | $ | (0.01 | )
Earnings per share—Diluted (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.24 |  |  | $ | 0.01 |  |  | $ | 0.53 |  |  | $ | 0.05 |
Income/(loss) from discontinued operations |  | $ | 0.07 |  |  | $ | (0.04 | ) |  | $ | 0.06 |  |  | $ | (0.06 | )
Net income/(loss) |  | $ | 0.31 |  |  | $ | (0.02 | ) |  | $ | 0.58 |  |  | $ | (0.01 | )
(a) | Net income per share may not equal earnings per share from continuing plus discontinued operations due to rounding.
Number of shares and weighted average exercise prices |
|  | For the Six Months Ended October 31, |
|  | 2012 |  |  | 2011 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  | Shares |  |  | Exercise Price |  |  | Shares |  |  | Exercise Price |
Options outstanding, beginning of year |  |  | 3,988,164 |  |  | $ | 4.67 |  |  |  | 3,137,565 |  |  | $ | 4.73 |
Granted during year |  |  | 3,500 |  |  |  | 11.02 |  |  |  | 1,094,100 |  |  |  | 3.12 |
Exercised during year |  |  | (834,508 | ) |  |  | 4.10 |  |  |  | (123,500 | ) |  |  | 1.64 |
Canceled/forfeited during year |  |  | (105,496 | ) |  |  | 3.91 |  |  |  | (205,333 | ) |  |  | 4.89 |
Options outstanding, end of period |  |  | 3,051,660 |  |  | $ | 4.86 |  |  |  | 3,902,832 |  |  | $ | 4.37 |
Weighted average remaining contractual life |  |  | 6.64 years |  |  |  |  |  |  |  | 6.12 years |  |  |  |  |
Options exercisable, end of period |  |  | 1,890,540 |  |  | $ | 5.10 |  |  |  | 2,084,359 |  |  | $ | 5.08 |
Weighted average remaining contractual life |  |  | 5.34 years |  |  |  |  |  |  |  | 5.20 years |  |  |  |  |
Assumptions used in valuing options |
|  | For the Six Months Ended October 31, |
|  | 2012 |  |  | 2011 |
Stock option grants: |  |  |  |  |  |  |  |
Risk-free interest rate |  |  | 0.31 | % |  |  | 0.92 - 2.20 | %
Expected term |  |  | 5.84 - 7.84 years |  |  |  | 5.30 - 8.18 years |
Expected volatility |  |  | 70.0 | % |  |  | 66.9 - 74.6 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Employee Stock Purchase Plan: |  |  |  |  |  |  |  |
Risk-free interest rate |  |  | 0.14 | % |  |  | 0.06 | %
Expected term |  |  | 6 months |  |  |  | 6 months |
Expected volatility |  |  | 63.7 | % |  |  | 49.9 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Fair value of PSUs using Monte-Carlo simulation |
|  | For the Six Months Ended October 31, |
|  | 2012 (e) |  |  | 2011 |
Grant date fair market value |  |  |  |  |  |  |  |
Smith & Wesson Holding Corporation |  | $ | — |  |  | $ | 3.57 |
NASDAQ Composite Index |  | $ | — |  |  | $ | 2,781.91 |
Volatility (a) |  |  |  |  |  |  |  |
Smith & Wesson Holding Corporation |  |  | — |  |  |  | 67.67 | %
NASDAQ Composite Index |  |  | — |  |  |  | 29.97 | %
Correlation coefficient (b) |  |  | — |  |  |  | 0.46 |
Risk-free interest rate (c) |  |  | — |  |  |  | 0.63 | %
Dividend yield (d) |  |  | — |  |  |  | 0 | %
(a) | Volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.
(b) | The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.
(c) | The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.
(d) | We do not expect to pay dividends in the foreseeable future.
(e) | There were no PSUs with market conditions granted during the six months ended October 31, 2012.
Summary of activity in unvested RSUs and PSUs |
|  | For the Six Months Ended October 31, |
|  | 2012 |  |  | 2011 |
|  | Total # of |  |  | Weighted Average |  |  | Total # of |  |  | Weighted Average |
|  | Restricted |  |  | Grant Date |  |  | Restricted |  |  | Grant Date |
|  | Stock Units |  |  | Fair Value |  |  | Stock Units |  |  | Fair Value |
RSUs and PSUs outstanding, beginning of year |  |  | 384,140 |  |  | $ | 7.91 |  |  |  | 123,600 |  |  | $ | 5.27 |
Awarded |  |  | 90,050 |  |  |  | 9.67 |  |  |  | 95,200 |  |  |  | 4.76 |
Vested |  |  | (7,667 | ) |  |  | 8.11 |  |  |  | (1,000 | ) |  |  | 5.21 |
Forfeited |  |  | (47,331 | ) |  |  | 5.84 |  |  |  | (88,700 | ) |  |  | 5.30 |
RSUs and PSUs outstanding, end of period |  |  | 419,192 |  |  | $ | 8.06 |  |  |  | 129,100 |  |  | $ | 6.00 |

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