Stockholders' Equity (Tables)

6 Months Ended

Oct. 31, 2013

Reconciliation of Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share

The following table provides a reconciliation of the income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the six months ended October 31, 2013 and 2012 (in thousands, except per share data):


	For the Three Months Ended October 31,					For the Six Months Ended October 31,
	2013			2012		2013			2012
Net income/(loss)
Income from continuing operations	$	17,145		$	16,401	$	43,671		$	35,272
Income/(loss) from discontinued operations, net of tax		(158	)		4,784		(208	)		3,699

Net income	$	16,987		$	21,185	$	43,463		$	38,971

Weighted average shares outstanding - Basic		59,620			65,871		61,931			65,611
Dilutive effect of stock option and award plans		1,364			1,403		1,820			1,303

Diluted shares outstanding		60,984			67,274		63,751			66,914

Earnings per share - Basic (a)
Income from continuing operations	$	0.29		$	0.25	$	0.71		$	0.54
Income/(loss) from discontinued operations	$	(0.00	)	$	0.07	$	(0.00	)	$	0.06
Net income	$	0.28		$	0.32	$	0.70		$	0.59
Earnings per share - Diluted (a)
Income from continuing operations	$	0.28		$	0.24	$	0.69		$	0.53
Income/(loss) from discontinued operations	$	(0.00	)	$	0.07	$	(0.00	)	$	0.06
Net income	$	0.28		$	0.31	$	0.68		$	0.58

(a)	Net income per share may not equal earnings per share from continuing plus discontinued operations due to rounding.

Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of (i) options granted under the SPs and (ii) the separate option grant to our former President and Chief Executive Officer outside of the SPs for the six months ended October 31, 2013 and 2012 are as follows:


	For the Six Months Ended October 31,
	2013					2012
				Weighted-					Weighted-
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		3,019,127		$	5.31		3,988,164		$	4.67
Granted during year		—			—		3,500			11.02
Exercised during the period		(418,466	)		2.55		(834,508	)		4.10
Canceled/forfeited during period		(28,000	)		5.59		(105,496	)		3.91

Options outstanding, end of period		2,572,661		$	5.76		3,051,660		$	4.86

Weighted average remaining contractual life		6.22 years					6.64 years

Options exercisable, end of period		2,013,974		$	5.79		1,890,540		$	5.10

Weighted average remaining contractual life		5.73 years					5.34 years

Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions

The following assumptions were used in valuing our options and ESPP purchases during the six-month periods ended October 31, 2013 and 2012:


	For the Six Months Ended October 31,
	2013			2012
Stock option grants:
Risk-free interest rate		—			0.31	%
Expected term		—			5.84 - 7.84 years
Expected volatility		—			70.0	%
Dividend yield		—			0	%
Employee Stock Purchase Plan:
Risk-free interest rate		0.40	%		0.14	%
Expected term		6 - 12 months			6 months
Expected volatility		35.2	%		63.7	%
Dividend yield		0	%		0	%

Summary of Activity in Unvested RSUs and PSUs

A summary of activity in unvested RSUs and PSUs for the six months ended October 31, 2013 and 2012 are as follows:


	For the Six Months Ended October 31,
	2013					2012
	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		781,586		$	8.42		384,140		$	7.91
Awarded		480,656			10.30		90,050			9.67
Vested		(210,230	)		8.18		(7,667	)		8.11
Forfeited		(12,518	)		8.61		(47,331	)		5.84

RSUs and PSUs outstanding, end of period		1,039,494		$	9.23		419,192		$	8.06