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Stockholders' Equity (Tables)

6 Months Ended

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