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Note I - Stock Based Compensation | 9 Months Ended
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Jan. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | I – Stock Based Compensation The Company has stock based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock based compensation plans currently being utilized are the 2007 Stock Option Plan (“2007 Plan”) and the Stock Incentive Plan (“Incentive Plan”). The Company recorded total stock based compensation expense for all plans of $1.1 million ($720,000 after tax effects) and $1.5 million ($960,000 after tax effects) for the nine months ended January 31, 2014 and 2013, respectively. Tax benefits were recognized for these costs at the Company’s overall effective tax rate. Stock Options The Company has options outstanding under two stock option plans approved by the shareholders, the 1997 Stock Option Plan (“1997 Plan”) and the 2007 Plan. While previously granted options remain outstanding, no additional option grants may be made under the 1997 Plan. The shareholders of the Company approved an amendment to the Company’s 2007 Plan on October 13, 2010. The amendment increased from 1,000,000 to 1,500,000 the number of options to purchase our common stock that may be issued under the 2007 Plan. The 2007 Plan provides for the grant of options to purchase shares of the Company’s common stock to employees, directors and certain advisors of the Company at a price not less than the fair market value of the stock on the date of grant and for periods not to exceed ten years. Options granted under the Company’s stock option plans expire in the calendar years 2014 through 2023.
|  | 1997 Plan |  |  | 2007 Plan |
Minimum exercise price as a percentage of fair market value at date of grant |  |  | 100% |  |  |  | 100% |
Last expiration date for outstanding options |  | July 2, 2017 |  |  | May 6, 2023 |
Shares available for grant at January 31, 2014 |  |  | - |  |  |  | 367,500 |
The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below.
|  | January 31, 2014 |  |  | January 31, 2013 |
Expected term (years) |  |  | 5.0 |  |  |  | 5.0 |
Risk-free interest rate |  |  | 0.67% |  |  |  | 0.78% |
Volatility |  |  | 50% |  |  |  | 50% |
Dividend yield |  |  | — |  |  |  | — |
The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of the Company’s common stock. The Company has not historically issued any dividends and does not expect to do so in the foreseeable future. There were 25,000 and 40,000 options granted during the nine months ended January 31, 2014 and 2013, respectively. The grant-date fair value of options granted during the nine months ended January 31, 2014 and 2013 was $487,000 and $784,000, respectively. The options were granted at fair market value on the date of grant. Stock option compensation expense on a pre-tax basis was $1.0 million ($654,000 after tax effects) and $1.4 million ($887,000 after tax effects) for the nine months ended January 31, 2014 and 2013, respectively. The aggregate intrinsic value of outstanding options at January 31, 2014 and 2013 was $19.3 million and $21.3 million, respectively. As of January 31, 2014, the Company had approximately $816,000 of total unrecognized compensation cost related to unvested options. These unvested outstanding options have a weighted-average remaining vesting period of 0.9 years. The Company had the following options exercised for the periods indicated. The impact of these cash receipts is included in financing activities in the accompanying Consolidated Statements of Cash Flows.
|  | Nine Months Ended January 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |
Options Exercised |  |  | 30,500 |  |  |  | 28,500 |
Cash Received from Option Exercises |  | $ | 719 |  |  | $ | 665 |
Intrinsic Value of Options Exercised |  | $ | 563 |  |  | $ | 603 |
Stock Incentive Plan The shareholders of the Company approved an amendment to the Company’s Stock Incentive Plan on October 14, 2009. The amendment increased from 150,000 to 350,000 the number of shares of common stock that may be issued under the Stock Incentive Plan. For shares issued under the Stock Incentive Plan, the associated compensation expense is generally recognized equally over the vesting periods established at the award date and is subject to the employee’s continued employment by the Company. There were no restricted shares granted during the first nine months of fiscal 2014 or fiscal 2013. A total of 187,027 shares remained available for award at January 31, 2014. There were 23,500 unvested shares at January 31, 2014 with a weighted average grant date fair value of $23.66. The Company recorded compensation cost of $78,000 ($49,000 after tax effects) and $92,000 ($58,000 after tax effects) related to the Stock Incentive Plan during the nine months ended January 31, 2014 and 2013, respectively. As of January 31, 2014, the Company had approximately $116,000 of total unrecognized compensation cost related to unvested awards granted under the Stock Incentive Plan, which the Company expects to recognize over a weighted-average remaining period of 1.1 years. There were no modifications to any of the Company’s outstanding share-based payment awards during fiscal 2013 or during the first nine months of fiscal 2014.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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