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COMMON STOCK AND STOCK-BASED COMPENSATION
 6 Months Ended
Nov. 01, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
COMMON STOCK AND STOCK-BASED COMPENSATION
COMMON STOCK AND STOCK-BASED COMPENSATION
 
Stock Options Granted Under the 2010 Stock Plan
 
In July 2014, the Compensation Committee approved the grant of options to purchase 108,000 shares of our common stock to our executive officers.  The stock options have a ten-year term and will vest one-third per year on each anniversary of the date of grant.  The exercise price is the closing price on the date granted.
 
Stock Options Granted Under the 2007 Stock Plan
 
In July 2014, our Compensation Committee awarded options to purchase 50,500 shares of our common stock to some non-executive members of the management team that vest one-third per year on each anniversary of the date of grant. The stock options awarded under the 2007 Stock Plan have a ten-year term. The exercise price is the closing price on the date granted.

We estimated the fair value of the shares granted under both the 2010 Stock Plan and the 2007 Stock Plan on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
 
Fiscal 2015
 
Awards
Average expected volatility
51.00
%
Average risk-free interest rate
1.00
%
Dividend yield
1.66
%
Expected life of options (in years)
4.12

Weighted-average grant-date fair value
$
14.99



Restricted Stock Awards Granted Under the 2007 Stock Plan
 
During the first half of fiscal 2015, we awarded 13,500 shares to our independent directors, all of which vested immediately upon grant.