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Stock-Based Compensation Plans | 12 Months Ended
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Apr. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | K – Stock-Based Compensation Plans The Company has stock-based compensation plans under which awards of non-qualified stock options, incentive stock options and restricted stock have been or may be granted to employees, directors and certain advisors of the Company. The stock-based compensation plan being utilized at April 30, 2025 is the 2024 Equity Incentive Plan. The 2024 Equity Incentive Plan was approved by the Company’s shareholders and became effective on August 27, 2024. This plan governs all new equity-based awards granted on or after its effective date. The 2024 Equity Incentive Plan includes a reserve of 500,000 shares authorized for issuance of awards under the plan. At April 30, 2025, a total of 426,258 shares remained available for future awards under the 2024 Equity Incentive Plan. The Company recorded total stock-based compensation expense for all plans of approximately $4.7 million ($3.7 million after tax effects), $3.7 million ($2.9 million after tax effects), $5.3 million ($4.1 million after tax effects) for the years ended April 30, 2025, 2024, and 2023, respectively. Tax benefits were recognized for these costs at the Company’s overall effective tax rate, excluding discrete income tax benefits related to excess benefits on share-based compensation. Stock Option Awards The Company has options outstanding under the Amended and Restated Stock Option Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015, which extended the term of the Stock Option Plan to June 10, 2025 and increased the number of shares of common stock reserved for issuance under the plan by an additional 300,000 shares to 1,800,000 shares. On August 29, 2018, August 26, 2020, and August 30, 2022, the shareholders of the Company approved amendments to the Restated Option Plan increasing the number of shares of common stock reserved for issuance under the plan by an additional 200,000, 200,000, and 185,000 shares, respectively. At April 30, 2025, a total of 434,567 shares of common stock are reserved for issuance of outstanding stock options under the Restated Option Plan. Options outstanding under the Restated Option Plan expire in the calendar years 2025 through 2034. As of April 30, 2025, there were 254,600 unvested options under the Restated Option Plan. No further awards may be granted under the Restated Option Plan. The 2024 Equity Incentive Plan, which replaced the Restated Option 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. As of April 30, 2025, there were 2,500 unvested options under the 2024 Equity Incentive Plan.
| Restated Option Plan |  | 2024 Equity Incentive Plan
Minimum exercise price as a percentage of fair market value at date of grant | 100% |  | 100%
Last expiration date for outstanding options | May 9, 2034 |  | January 20, 2035
Shares available for grant at April 30, 2025 | - |  | 426,258
The aggregate intrinsic value of outstanding options at April 30, 2025 and 2024 was $547,000 and $1.6 million, respectively. 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.
| Years Ended April 30,
| 2025 |  | 2024 |  | 2023
Expected term (years) | 4.9 |  | 3.9 |  | 5.5
Risk-free interest rate | 4.93 | % |  | 4.06 | % |  | 3.60 | %
Volatility | 61 | % |  | 56 | % |  | 55 | %
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 the 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 22,281 options granted during fiscal 2025, 197,486 granted during fiscal 2024, and 140,000 granted during fiscal 2023 under the Restated Option Plan, respectively. There were 7,500 options granted during fiscal 2025 under the 2024 Equity Incentive Plan. The grant-date fair value of options granted during fiscal 2025, 2024, and 2023 was $542,000, $5.7 million, and $5.1 million, respectively. The options were granted at fair market value on the date of grant. Generally, options vest after three to five years. The following is an aggregate summary of the activity in the stock incentive plan from April 30, 2022 to April 30, 2025:
| Number of Options |  | Exercise Price per Share |  | Proceeds on Exercise |  | Weighted Average Exercise Price per Share
|  |  |  |  | (in thousands) |  |
Outstanding at April 30, 2022 | 501,400 |  |  |  | $ | 39,232 |  |  | $ | 78.25 |
Granted | 140,000 |  | $61.02 to $94.59 |  | 9,687 |  |  | 69.19 |
Exercised | (28,000) |  | $ 44.52 to $ 53.02 |  | (1,439) |  |  | 51.38 |
Cancelled | - |  |  |  | - |  |
Outstanding at April 30, 2023 | 613,400 |  |  |  | $ | 47,480 |  |  | $ | 77.41 |
Granted | 197,486 |  | $ 70.57 to $ 86.30 |  | 14,279 |  |  | 72.30 |
Exercised | (35,000) |  | $ 36.54 to $ 54.85 |  | (1,828) |  |  | 52.23 |
Cancelled | (40,000) |  | $ 109.06 |  | (4,362) |  |  | 109.06 |
Outstanding at April 30, 2024 | 735,886 |  |  |  | $ | 55,569 |  |  | $ | 75.51 |
Granted | 29,781 |  | $42.25 to $61.32 |  | $ | 1,703 |  |  | 57.19 |
Exercised | - |  |  |  | - |  |
Cancelled | (74,000) |  | $46.23 to $150.83 |  | (4,700) |  |  | 63.51 |
Outstanding at April 30, 2025 | 691,667 |  |  |  | $ | 52,572 |  |  | $ | 76.01 |
Stock option compensation expense on a pre-tax basis was $1.1 million ($873,000 after tax effects), $1.8 million ($1.4 million after tax effects), and $3.7 million ($2.9 million after tax effects) for the years ended April 30, 2025, 2024 and 2023, respectively. As of April 30, 2025, the Company had approximately $1.0 million of total unrecognized compensation cost related to unvested options that are expected to vest. These unvested outstanding options have a weighted-average remaining vesting period of 1.4 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.
| Years Ended April 30,
(Dollars in thousands except option data) | 2025 |  | 2024 |  | 2023
Options Exercised | - |  |  | 35,000 |  | 28,000
Cash Received from Options Exercised | $ | - |  |  | $ | - |  |  | $ | 1,216 |
Intrinsic Value of Options Exercised | $ | - |  |  | $ | 1,145 |  |  | $ | 1,412 |
There were no options exercised through net settlements during the year ended April 30, 2025. As of April 30, 2025, there were 434,567 vested and exercisable stock options outstanding with an aggregate intrinsic value of $534,000 and a weighted average remaining contractual life of 4.3 years and a weighted average exercise price of $80.25. Restricted Stock Awards On August 5, 2015, the shareholders of the Company approved the Amended and Restated Stock Incentive Plan (the “Restated Incentive Plan”), which extended the term of the Company’s Stock Incentive Plan to June 10, 2025. On August 29, 2018, the shareholders of the Company approved an amendment to the Restated Stock Incentive Plan that increased the number of shares of common stock that may be issued under the Restated Incentive Plan by 100,000 shares to 450,000. The 2024 Equity Incentive Plan replaced the Restated Incentive Plan. As of August 27, 2024, no further awards may be granted under the Restated Incentive Plan. For shares issued under the Restated Incentive Plan and the 2024 Equity 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 Restricted Stock Award activity in the Company’s stock incentive plan:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares at April 30, 2022 | 181,114 |  | $ | 55.76 |
Shares granted | 40,470 |  | 68.78 |
Shares vested | (29,500) |  | 35.31 |
Shares cancelled | (10,301) |  | 69.10 |
Unvested shares at April 30, 2023 | 181,783 |  | $ | 61.22 |
Shares granted | 74,647 |  | 68.56 |
Shares vested | (13,037) |  | 62.78 |
Shares cancelled | (32,183) |  | 61.14 |
Unvested shares at April 30, 2024 | 211,210 |  | $ | 63.73 |
Shares granted | 89,862 |  | 55.67 |
Shares vested | (34,583) |  | 71.73 |
Shares cancelled | (14,620) |  | 73.53 |
Unvested shares at April 30, 2025 | 251,869 |  | $ | 59.19 |
The fair value at vesting for Awards under the Restated Incentive Plan and 2024 Equity Incentive Plan was $14.9 million, $13.5 million, and $11.1 million in fiscal 2025, 2024, and 2023, respectively. The Company recorded compensation cost of approximately $3.6 million ($2.8 million after tax effects), $1.8 million ($1.4 million after tax effects), and $1.6 million ($1.2 million after tax effects) related to the Restated Incentive Plan and 2024 Equity Incentive Plan during the years ended April 30, 2025, 2024, and 2023, respectively. As of April 30, 2025, the Company had $4.5 million of total unrecognized compensation cost related to unvested awards granted under the Restated Incentive Plan and 2024 Equity Incentive Plan, which the Company expects to recognize over a weighted-average remaining period of 2.1 years. There were no modifications to any of the Company’s outstanding share-based payment awards during fiscal 2025 or fiscal 2024.

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