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Stockholders' Equity | 9 Months Ended
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Jan. 31, 2016
Equity [Abstract] |
Stockholders' Equity | (9) Stockholders’ Equity: Treasury Stock During fiscal 2016, our board of directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions until June 23, 2017. As of January 31, 2016, we made no share repurchases under this stock repurchase program. Earnings per Share The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and nine months ended January 31, 2016 and 2015 (in thousands, except per share data):
| For the Three Months Ended January 31, |
| 2016 |  |  | 2015 |
| Net |  |  |  |  |  |  | Per Share |  |  | Net |  |  |  |  |  |  | Per Share |
| Income |  |  | Shares |  |  | Amount |  |  | Income |  |  | Shares |  |  | Amount |
Basic earnings | $ |  | 31,434 |  |  |  | 54,857 |  |  | $ |  | 0.57 |  |  | $ |  | 8,121 |  |  |  | 53,724 |  |  | $ |  | 0.15 |
Effect of dilutive stock awards |  | — |  |  |  | 1,124 |  |  |  |  | (0.01 | ) |  |  | — |  |  |  | 1,135 |  |  |  | — |
Diluted earnings | $ |  | 31,434 |  |  |  | 55,981 |  |  | $ |  | 0.56 |  |  | $ |  | 8,121 |  |  |  | 54,859 |  |  | $ |  | 0.15 |
| For the Nine Months Ended January 31,
| 2016 |  |  | 2015 |  |
| Net |  |  |  |  |  |  | Per Share |  |  | Net |  |  |  |  |  |  | Per Share |  |
| Income |  |  | Shares |  |  | Amount |  |  | Income |  |  | Shares |  |  | Amount |  |
Basic earnings | $ |  | 58,311 |  |  |  | 54,508 |  |  | $ |  | 1.07 |  |  | $ |  | 27,725 |  |  |  | 54,033 |  |  | $ |  | 0.51 |  |
Effect of dilutive stock awards |  | — |  |  |  | 1,276 |  |  |  |  | (0.02 | ) |  |  | — |  |  |  | 1,225 |  |  |  |  | (0.01 | ) |
Diluted earnings | $ |  | 58,311 |  |  |  | 55,784 |  |  | $ |  | 1.05 |  |  | $ |  | 27,725 |  |  |  | 55,258 |  |  | $ |  | 0.50 |  |
All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the three and nine months ended January 31, 2016. For the three and nine months ended January 31, 2015, there were 134,866, and 70,978 shares, respectively, of common stock issuable upon the exercise of stock options and under our 2011 Employee Stock Purchase Plan, or ESPP, that were excluded from the computation of diluted earnings per share because the effect would be antidilutive. Incentive Stock and Employee Stock Purchase Plans We have two stock plans: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of three or four years and are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past. The number of shares and weighted average exercise prices of options for the nine months ended January 31, 2016 and 2015 were as follows:
| For the Nine Months Ended January 31, |
| 2016 |  |  | 2015 |
|  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  |  | Average |
| Shares |  |  | Exercise Price |  |  | Shares |  |  | Exercise Price |
Options outstanding, beginning of year |  | 1,879,630 |  |  | $ | 6.37 |  |  |  | 2,258,349 |  |  | $ | 6.15 |
Exercised during the period |  | (707,179 | ) |  |  | 8.26 |  |  |  | (222,884 | ) |  |  | 4.62 |
Canceled/forfeited during period | — |  |  | — |  |  |  | (13,000 | ) |  |  | 7.98 |
Options outstanding, end of period |  | 1,172,451 |  |  | $ | 5.23 |  |  |  | 2,022,465 |  |  | $ | 6.31 |
Weighted average remaining contractual life | 5.07 years |  |  |  |  |  |  | 5.28 years |  |  |  |  |
Options exercisable, end of period |  | 1,172,457 |  |  | $ | 5.23 |  |  |  | 1,943,800 |  |  | $ | 6.23 |
Weighted average remaining contractual life | 5.07 years |  |  |  |  |  |  | 5.20 years |  |  |  |  |
The aggregate intrinsic value of outstanding stock options as of January 31, 2016 and 2015 was $19.2 million and $12.7 million, respectively. The aggregate intrinsic value of outstanding stock options that were exercisable as of January 31, 2016 and 2015 was $19.2 million and $12.4 million, respectively. The aggregate intrinsic value of the stock options exercised for the nine months ended January 31, 2016 and 2015 was $9.1 million and $1.7 million, respectively. At January 31, 2016, there were no unrecognized compensation costs of outstanding options. On September 26, 2011, our stockholders approved our ESPP. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with the terms of our ESPP. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options issued to employees using the Black-Scholes model at the time the options are granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period. During the nine months ended January 31, 2016 and 2015, 92,249 and 84,081 shares were purchased under our ESPP, respectively. We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). The total stock-based compensation expense, including stock options, purchases under our ESPP, RSUs, and performance-based RSUs, or PSUs, was $4.9 million and $4.2 million for the nine months ended January 31, 2016 and 2015, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses. We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An RSU represents the right to acquire one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three or four years with one-third or one-fourth of the units vesting, respectively, on each anniversary date of the grant date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period. We grant PSUs with market conditions to our executive officers, and we grant PSUs without market conditions to certain other employees who are not executive officers. At the time of grant, we calculate the fair value of our market-condition PSUs using the Monte-Carlo simulation, using the risk-free interest rate, expected volatility, the correlation coefficient utilizing the same historical price data used to develop the volatility assumptions and dividend yield variables. The market-condition PSUs vest, and the fair value of such PSUs are recognized, over the corresponding three-year performance period. Our market-condition PSUs have a maximum aggregate award equal to 200% of the target amount granted. The number of market-condition PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or RUT, over the three-year performance period. For the fiscal 2014 and 2013 PSUs, our stock must outperform the RUT by 10% in order for the target award to vest. For our fiscal 2015 PSUs, our stock must outperform the RUT by 5% in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under the fiscal 2015 PSUs equal to six times the grant-date value of each award. In certain circumstances beginning with the fiscal 2015 RSUs and PSUs, the vested awards will be delivered on the first anniversary of the applicable vesting date. We have applied a discount to the grant date fair value when determining the amount of compensation expense to be recorded for these RSUs and PSUs. During the nine months ended January 31, 2016, we granted an aggregate of 201,242 service-based RSUs and 5,379 PSUs without market conditions; 30,416 RSUs to our directors; and 170,826 RSUs and 5,379 PSUs to non-executive officer employees. In addition, in connection with a 2012 grant, 104,000 market-condition PSUs vested (i.e., the target amount granted), which achieved 173.3% of the maximum award possible resulting in awards totaling 180,231 shares to certain of our executive officers and a former executive officer. Compensation expense recognized related to grants of RSUs and PSUs was $4.5 million for the nine months ended January 31, 2016. We delivered common stock to employees during the nine months ended January 31, 2016 under vested RSUs and PSUs with a total market value of $6.3 million. During the nine months ended January 31, 2015, we granted an aggregate of 452,600 service-based RSUs, including 25,000 RSUs to certain of our executive officers; and 50,500 RSUs to our directors. In addition, in connection with a 2011 grant, 46,600 market-condition PSUs vested (i.e., the target amount granted), which achieved the maximum aggregate award possible resulting in awards totaling 93,200 shares to certain of our executive officers and a former executive officer. Compensation expense recognized related to grants of RSUs and PSUs was $3.7 million for the nine months ended January 31, 2015. We delivered common stock to employees and directors under vested RSUs and PSUs with a total market value of $3.7 million during the nine months ended January 31, 2015. A summary of activity in unvested RSUs and PSUs for the nine months ended January 31, 2016 and 2015 is as follows:
| For the Nine Months Ended January 31, |
| 2016 |  |  | 2015 |
|  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
| Total # of |  |  | Average |  |  | Total # of |  |  | Average |
| Restricted |  |  | Grant Date |  |  | Restricted |  |  | Grant Date |
| Stock Units |  |  | Fair Value |  |  | Stock Units |  |  | Fair Value |
RSUs and PSUs outstanding, beginning of year |  | 1,190,879 |  |  | $ | 12.45 |  |  |  | 1,015,475 |  |  | $ | 10.56 |
Awarded |  | 282,852 |  |  |  | 14.44 |  |  |  | 499,200 |  |  |  | 10.51 |
Vested |  | (363,285 | ) |  |  | 10.36 |  |  |  | (318,171 | ) |  |  | 8.75 |
Forfeited |  | (82,390 | ) |  |  | 10.81 |  |  |  | (96,204 | ) |  |  | 12.42 |
RSUs and PSUs outstanding, end of period |  | 1,028,056 |  |  | $ | 13.65 |  |  |  | 1,100,300 |  |  | $ | 11.87 |
As of January 31, 2016, there was $5.8 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.4 years.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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