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BENEFIT PLANS | 6 Months Ended
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Oct. 31, 2023
BENEFIT PLANS |
BENEFIT PLANS | (11) BENEFIT PLANS Pension plan Refer to Note 11 to the consolidated financial statements contained in the 2023 Form 10-K for detail regarding the Company’s defined benefit pension plan. The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related income tax effect. The Company recorded no other comprehensive income for the three and six months ended October 31, 2023. The Company recorded, net of tax, other comprehensive income of $77,000 and $143,000 for the three and six months ended October 31, 2022 to account for the net effect of changes to the pension liability. The Company funds the pension plan in compliance with IRS funding requirements. The Company did not make any contributions to the pension plan for the three and six months ended October 31, 2023 or October 31, 2022. Equity compensation plan Refer to Note 11 to the consolidated financial statements contained in the 2023 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity for the six months ended October 31, 2023 presented below represents the maximum number of shares that could become vested after that date: ​
​ | ​ | ​
​ |  | ​
​ | ​ | Number of
Restricted share awards | ​ | Shares
Non-vested as of April 30, 2023 |  | 26,267
Granted during the six months ended October 31, 2023 |  | 16,400
Vested during the six months ended October 31, 2023 |  | (12,199)
Forfeited during the six months ended October 31, 2023 |  | —
Non-vested as of October 31, 2023 |  | 30,468
​ The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $42,000 and $103,000 for the three and six months ended October 31, 2023 and $51,000 and $87,000 for the three and six months ended October 31, 2022. As of October 31, 2023, there was $242,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan that had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years. In November 2021, the Company granted Christopher V. Vitale, the President and Chief Executive Officer of the Company, an option to purchase 50,000 shares of common stock of the Company under the Equity Plan with an exercise price of $14.24 per share. As of October 31, 2023, the option had not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $13,000 and $25,000 for the three and six months ended October 31, 2023 and $12,000 and $25,000 for the three and six months ended October 31, 2022. As of October 31, 2023, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. As of October 31, 2022, the option was out-of-the-money and therefore was not included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over each director’s service in office during the calendar year, was $23,000 and $45,000 for the three and six months ended October 31, 2023 and $23,000 and $45,000 for the three and six months ended October 31, 2022. As of October 31, 2023, there was $75,000 of accrued compensation expense related to the deferred common share units expected to be issued in December 2023. As of October 31, 2022, there was $75,000 of accrued compensation expense related to the deferred stock units issued in December 2022.

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