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Stockholders' Equity (Tables) | 12 Months Ended
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Apr. 30, 2021
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, 2021, 2020, and 2019 are as follows:
|  | For the Year Ended April 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Shares |  |  | Exercise Price |  |  | Shares |  |  | Exercise Price |  |  | Shares |  |  | Exercise Price |
Options outstanding, beginning of year |  |  | 200,667 |  |  | $ | 7.70 |  |  |  | 267,761 |  |  | $ | 6.76 |  |  |  | 316,160 |  |  | $ | 6.69 |
Exercised during the period |  |  | (200,667 | ) |  |  | 7.67 |  |  |  | (67,094 | ) |  |  | 3.97 |  |  |  | (48,399 | ) |  |  | 6.28 |
Canceled/forfeited during period |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Options outstanding, end of period |  | — |  |  | — |  |  |  | 200,667 |  |  | $ | 7.70 |  |  |  | 267,761 |  |  | $ | 6.76 |
Weighted average remaining contractual life |  | — |  |  |  |  |  |  | 0.43 years |  |  |  |  |  |  | 2.35 years |  |  |  |  |
Options exercisable, end of period |  | — |  |  | — |  |  |  | 200,667 |  |  | $ | 7.70 |  |  |  | 267,761 |  |  | $ | 6.76 |
Weighted average remaining contractual life |  | — |  |  |  |  |  |  | 0.43 years |  |  |  |  |  |  | 2.35 years |  |  |  |  |
Summary of Stock Compensation Expense | The following table summarizes stock compensation expense by line item for the fiscal years ended April 30, 2021, 2020, and 2019 (in thousands):
|  | For the Years Ended April 30, |
|  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Cost of sales |  | $ | 740 |  |  | $ | 667 |  |  | $ | 694 |
Research and development |  |  | 71 |  |  |  | 79 |  |  |  | 62 |
Selling and marketing |  |  | 767 |  |  |  | 155 |  |  |  | 337 |
General and administrative |  |  | 3,128 |  |  |  | 1,456 |  |  |  | 5,854 |
Total stock-based compensation |  | $ | 4,706 |  |  | $ | 2,357 |  | (a) | $ | 6,947 |
| (a) | The decrease in general and administrative stock-based compensation expense from fiscal 2019 was because of the separation of our former President and Chief Executive Officer.
Share Based Payment Award Performance Shares Valuation Assumptions | We incorporate the following variables into the valuation model:
| For the Years Ended April 30, |
|  | 2021 |  |  | 2020 |  |  |  | 2019 |
Grant date fair market value |  |  |  |  |  |  |  |  |  |  |  |
Smith & Wesson Brands, Inc | $ 16.99 - 17.27 |  |  | $ | 7.80 |  |  |  | $ | 9.85 |
Russell 2000 Index | $ 1,526.46 - 1,571.21 |  |  | $ | 1,138.78 |  |  |  | $ | 1,591.21 |
Volatility (a) |  |  |  |  |  |  |  |  |  |  |  |
Smith & Wesson Brands, Inc | 59.09% - 61.34% |  |  |  | 54.02 | % |  |  |  | 45.19 | %
Russell 2000 Index | 27.62% - 29.27% |  |  |  | 24.66 | % |  |  |  | 15.65 | %
Correlation coefficient (b) | 0.1242 - 0.1302 |  |  |  | 0.11 |  |  |  | 0.14 |
Risk-free interest rate (c) | 0.16% - 0.22% |  |  |  | 0.35 | % |  |  |  | 2.23 | %
Dividend yield (d) |  | 0.95 | % |  |  | 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 did not pay dividends in fiscal 2020 and 2019.
Summary of Activity for Unvested RSUs and PSUs | A summary of activity for unvested RSUs and PSUs for fiscal years 2021, 2020, and 2019 is as follows:
|  | For the Year Ended April 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  | Total # of |  |  | Average |  |  | Total # of |  |  | Average |  |  | Total # of |  |  | Average |
|  | RSUs and |  |  | Grant Date |  |  | RSUs and |  |  | Grant Date |  |  | RSUs and |  |  | Grant Date |
|  | PSUs |  |  | Fair Value |  |  | PSUs |  |  | Fair Value |  |  | PSUs |  |  | Fair Value |
RSUs and PSUs outstanding, beginning of period |  |  | 1,313,974 |  |  | $ | 10.86 |  |  |  | 1,631,631 |  |  | $ | 15.44 |  |  |  | 1,442,317 |  |  | $ | 17.80 |
Awarded |  |  | 270,315 |  |  |  | 16.54 |  |  |  | 578,300 |  |  |  | 5.75 |  |  |  | 541,785 |  |  |  | 10.65 |
Vested |  |  | (407,545 | ) |  |  | 14.57 |  |  |  | (296,139 | ) |  |  | 17.05 |  |  |  | (206,572 | ) |  |  | 19.11 |
Forfeited |  |  | (180,865 | ) |  |  | 15.18 |  |  |  | (599,818 | ) |  |  | 15.34 |  |  |  | (145,899 | ) |  |  | 16.11 |
RSUs and PSUs outstanding, end of period |  |  | 995,879 |  |  | $ | 11.14 |  |  |  | 1,313,974 |  |  | $ | 10.86 |  |  |  | 1,631,631 |  |  | $ | 15.44 |
Schedule of Assumptions used in Valuing ESPP Purchases | The following assumptions were used in valuing our ESPP purchases during the years ended April 30, 2021, 2020, and 2019:
| For the Years Ended April 30, |
| 2021 |  |  | 2020 |  |  | 2019 |
Risk-free interest rate |  | 0.08 | % |  |  | 1.24 | % |  |  | 2.21 | %
Expected term (a) | 6 months |  |  | 4 & 6 months |  |  | 6 months |
Expected volatility (b) |  | 70.93 | % |  |  | 63.6 | % |  |  | 45.3 | %
Dividend yield (c) |  | 1.17 | % |  |  | 0 | % |  |  | 0 | %
| (a) | The 2nd purchase period of 2020 was abbreviated because of the timing of the spin-off of our outdoor products and accessories business.
| (b) | We believe our expected volatility increased in fiscal 2020 primarily due to market and stock price fluctuations as a result of the COVID-19 pandemic.
| (c) | We did not pay dividends in fiscal 2020 and 2019.

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