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Stockholders' Equity (Tables)
 12 Months Ended
Apr. 30, 2017
Equity [Abstract]  
Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of options for the fiscal years ended April 30, 2017, 2016, and 2015 are as follows:

 

 

For the Years Ended April 30,

 

2017

 

 

2016

 

 

2015

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

Shares

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

Options outstanding, beginning of year

 

389,360

 

 

$

6.16

 

 

 

1,879,630

 

 

$

6.37

 

 

 

2,258,349

 

 

$               6.15

Exercised during the period

 

(54,200

)

 

 

3.57

 

 

 

(1,490,270

)

 

 

6.42

 

 

 

(365,719

)

 

4.96

Canceled/forfeited during period

—

 

 

—

 

 

—

 

 

—

 

 

 

(13,000

)

 

7.98

Options outstanding, end of year

 

335,160

 

 

$

6.58

 

 

 

389,360

 

 

$

6.16

 

 

 

1,879,630

 

 

$               6.37

Weighted average remaining contractual life

4.01 years

 

 

 

 

 

 

5.04 years

 

 

 

 

 

 

5.02 years

 

 

 

 

Options exercisable, end of year

 

335,160

 

 

$

6.58

 

 

 

389,360

 

 

$

6.16

 

 

 

1,878,464

 

 

$               6.36

Weighted average remaining contractual life

4.01 years

 

 

 

 

 

 

5.04 years

 

 

 

 

 

 

5.02 years

 

 

 

 
Summary of Stock Compensation Expense

 

The following table summarizes stock compensation expense by line item for the fiscal years ended April 30, 2017, 2016, and 2015 (in thousands):

 

 

 

For  the Years Ended April 30,

 

 

 

 

2017

 

 

 

2016

 

 

 

2015

 

Cost of sales

 

$

1,139

 

 

$

564

 

 

$

520

 

Research and development

 

 

217

 

 

 

169

 

 

 

139

 

Selling and marketing

 

 

801

 

 

 

494

 

 

 

379

 

General and administrative

 

 

6,433

 

 

 

5,245

 

 

 

4,770

 

Total stock-based compensation

 

$

8,590

 

 

$

6,472

 

 

$

5,808

 

 
Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:

 

 

 

For the Years Ended April 30,

 

 

 

 

2017

 

 

2016

 

 

2015

 

Grant date fair market value

 

 

 

 

 

 

 

 

 

 

 

 

American Outdoor Brands Corporation

 

$

21.89

 

 

$

21.93

 

 

$

14.90

 

Russell 2000 Index

 

$

1,417.13

 

 

$

1,140.40

 

 

$

1,246.95

 

Volatility (a)

 

 

 

 

 

 

 

 

 

 

 

 

American Outdoor Brands Corporation

 

 

41.67

%

 

 

39.93

%

 

 

44.51

%

Russell 2000 Index

 

 

16.77

%

 

 

16.75

%

 

 

15.76

%

Correlation coefficient (b)

 

 

0.22

 

 

 

0.32

 

 

0.32

 

Risk-free interest rate (c)

 

 

1.44

%

 

 

0.93

%

 

 

0.91

%

Dividend yield (d)

 

 

0

%

 

 

0

%

 

 

0

%

 

(a)

Expected 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.

Summary of Activity in Unvested RSUs and PSUs

 

A summary of activity for unvested RSUs and PSUs for fiscal years 2017, 2016, and 2015 is as follows:

 

 

For the Years Ended April 30,

 

 

2017

 

 

2016

 

 

2015

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

 

Total # of

 

 

Average

 

 

Total # of

 

 

Average

 

 

Total # of

 

 

 

Average

 

 

Restricted

 

 

Grant Date

 

 

Restricted

 

 

Grant Date

 

 

Restricted

 

 

 

Grant Date

 

 

Stock Units

 

 

Fair Value

 

 

Stock Units

 

 

Fair Value

 

 

Stock Units

 

 

 

Fair Value

 

RSUs and PSUs outstanding, beginning of year

 

1,215,753

 

 

$

15.38

 

 

 

1,190,879

 

 

$

12.45

 

 

 

1,015,475

 

 

 

$

10.56

 

Awarded

 

666,509

 

 

 

19.85

 

 

 

541,077

 

 

 

17.72

 

 

 

709,672

 

 

 

 

11.82

 

Vested

 

(433,966

)

 

 

11.64

 

 

 

(430,768

)

 

 

10.57

 

 

 

(433,266

)

 

 

 

9.18

 

Forfeited

 

(19,448

)

 

 

17.19

 

 

 

(85,435

)

 

 

10.94

 

 

 

(101,002

)

 

 

 

11.93

 

RSUs and PSUs outstanding, end of period

 

1,428,848

 

 

$

18.58

 

 

 

1,215,753

 

 

$

15.38

 

 

 

1,190,879

 

 

 

$

12.45

 

 
Schedule of Assumptions used in Valuing ESPP Purchases

The following assumptions were used in valuing our ESPP purchases during the years ended April 30, 2017, 2016, and 2015:

 

 

For the Years Ended April 30,

 

 

2017

 

 

2016

 

 

2015

 

Risk-free interest rate

0.60%

 

 

 

0.19

%

 

 

0.07

%

Expected term

6 months

 

 

6 months

 

 

6 months

 

Expected volatility

 

45.3

%

 

 

40.9

%

 

 

38.2

%

Dividend yield

0%

 

 

0%

 

 

 

0

%