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Note K - Stock-Based Compensation Plans | 12 Months Ended
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Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | K – Stock-Based Compensation Plans 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 (the “2007 Plan”) and the Stock Incentive Plan. The Company recorded total stock-based compensation expense for all plans of $780,000 ($489,000 after tax effects) and $1.4 million ($873,000 after tax effects) for the year ended April 30, 2015 and 2014, 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 Stock Option Plan (the “2007 Plan”). While previously granted options remain outstanding, no additional option grants may be made under the 1997 Plan. At April 30, 2015, there are 14,000 vested but unexercised options outstanding under the 1997 Option Plan (“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 2015 through 2024.
|  | 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 |  | November 20, 2024
Shares available for grant at April 30, 2015 |  | - |  | 290,500
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.
| April 30, 2015 | April 30, 2014 | April 30, 2013
Expected terms (years) | 5.4 | 5.0 | 5.0
Risk-free interest rate | 1.64% | 0.67% | 0.78%
Volatility | 34% | 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. The following is an aggregate summary of the activity in the Company’s stock option plans from April 30, 2012 to April 30, 2015:
|  | Number of Shares |  |  | Exercise Price per Share |  |  | Proceeds on Exercise |  |  | Weighted Average Exercise Price per Share |
|  |  |  |  |  |  |  |  | (in thousands) |  |  |  |
Outstanding at April 30, 2012 |  |  | 1,118,250 |  |  | $11.83 | to | $45.72 |  |  | $ | 22,881 |  |  | $ | 20.46 |
Granted |  |  | 40,000 |  |  | $44.14 | to | $45.46 |  |  |  | 1,801 |  |  |  | 45.02 |
Exercised |  |  | (35,750 | ) |  | $11.83 | to | $23.34 |  |  |  | (790 | ) |  |  | 22.13 |
Outstanding at April 30, 2013 |  |  | 1,122,500 |  |  | $11.90 | to | $45.72 |  |  | $ | 23,892 |  |  | $ | 21.28 |
Granted |  |  | 25,000 |  |  | $44.52 | to | $46.44 |  |  |  | 1,122 |  |  |  | 44.90 |
Exercised |  |  | (30,500 | ) |  | $23.34 | to | $23.75 |  |  |  | (720 | ) |  |  | 23.58 |
Outstanding at April 30, 2014 |  |  | 1,117,000 |  |  | $11.90 | to | $46.44 |  |  | $ | 24,294 |  |  | $ | 21.75 |
Granted |  |  | 89,000 |  |  | $36.54 | to | $50.25 |  |  |  | 3,997 |  |  |  | 44.91 |
Exercised |  |  | (212,250 | ) |  | $11.90 | to | $45.46 |  |  |  | (4,143 | ) |  |  | 19.52 |
Cancelled |  |  | (12,000 | ) |  | $41.86 | to | $45.72 |  |  |  | (540 | ) |  |  | 45.08 |
Outstanding at April 30, 2015 |  |  | 981,750 |  |  | $11.90 | to | $50.25 |  |  | $ | 23,608 |  |  | $ | 24.05 |
Stock option compensation expense on a pre-tax basis was $664,000 ($416,000 after tax effects) and $1.3 million ($791,000 after tax effects) and $1.7 million ($1.1 million after tax effects) for the years ended April 30, 2015, 2014 and 2013, respectively. As of April 30, 2015, the Company had approximately $1.1 of total unrecognized compensation cost related to unvested options. Unvested outstanding options have a weighted-average remaining vesting period of 3.25 years. The grant-date fair value of all options granted during fiscal 2015, 2014 and 2013 was $1.4 million, $487,000 and $784,000, respectively. The options were granted at fair market value on date of grant. Generally options vest after three to five years, except for options issued to directors which are immediately vested at date of grant. The aggregate intrinsic value of outstanding options at April 30, 2015 and 2014 was $26.8 million and $16.8 million, respectively. 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.
| Twelve Months Ended April 30, |
(Dollars in thousands) | 2015 |  | 2014 |  | 2013 |
Options Exercised |  |  | 212,250 |  |  |  | 30,500 |  |  |  | 35,750 |
Cash Received from Options Exercised |  | $ | 4,143 |  |  | $ | 720 |  |  | $ | 790 |
Intrinsic Value of Options Exercised |  | $ | 5,983 |  |  | $ | 563 |  |  | $ | 811 |
As of April 30, 2015 there were 889,750 vested and exercisable stock options outstanding with an aggregate intrinsic value of $26.4 million and a weighted average remaining contractual life of 4.14 years and a weighted average exercise price of $21.69. 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. The following is a summary of the activity in the Company’s Stock Incentive Plan:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested shares at April 30, 2014 |  |  | 20,000 |  |  | $ | 24.47 |
Shares granted |  |  | 9,500 |  |  |  | 52.10 |
Shares vested |  |  | (20,000 | ) |  |  | 24.47 |
Unvested shares at April 30, 2015 |  |  | 9,500 |  |  | $ | 52.10 |
The fair value at vesting for awards under the stock incentive plan was $495,000, $126,000 and $162,000 in fiscal 2015, 2014 and 2013, respectively. During the fiscal year 2015, 9,500 restricted shares were granted with a fair value of $52.10 per share. There were no restricted shares granted during fiscal years 2014 or 2013. A total of 177,527 shares remain available for award at April 30, 2015. The Company recorded compensation cost of $90,000 ($56,000 after tax effects), $105,000 ($66,000 after tax effects) and $123,000 ($78,000 after tax effects) related to the Stock Incentive Plan during the years ended April 30, 2015, 2014 and 2013, respectively. As of April 30, 2015 the Company had $495,000 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 five years.

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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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