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Stock Options and Share-Based Compensation (Tables) | 12 Months Ended
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Apr. 30, 2016
Equity [Abstract] |
Fair Value of Options Granted Using Black-Scholes Model | The fair value of the options granted as shown below was estimated using the Black-Scholes model with the following assumptions:
|  | 2016 |  | 2015 |  | 2014
|  | 2008 Plan |  | 2008 Plan |  | 2010 Plan |  | 2008 Plan |  | 2010 Plan
Options granted |  | 40,200 |  | 35,800 |  | 10,000 |  | 36,600 |  | 10,000
Weighted average expected stock price volatility |  | 30.45% |  | 46.67% |  | 30.37% |  | 50.58% |  | 36.98%
Expected option life |  | 6.25 years |  | 6.25 years |  | 3.38 years |  | 6.25 years |  | 3.33 years
Average risk-free interest rate |  | 1.97% |  | 1.91% |  | 1.28% |  | 1.80% |  | 0.62%
Average dividend yield |  | 2.78% |  | 2.61% |  | 2.69% |  | 3.21% |  | 3.33%
Estimated fair value of each option |  | $3.97 |  | $6.60 |  | $3.04 |  | $5.84 |  | $2.73
Summary of Stock Option Activity and Weighted Average Exercise Price | Stock option activity and weighted average exercise price is summarized as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 239,575 |  |  | $ | 13.24 |  |  |  | 228,250 |  |  | $ | 12.17 |  |  |  | 295,550 |  |  | $ | 11.84 |
Granted |  |  | 40,200 |  |  |  | 16.92 |  |  |  | 45,800 |  |  |  | 17.78 |  |  |  | 46,600 |  |  |  | 15.26 |
Canceled |  |  | (10,400) |  |  |  | 16.37 |  |  |  | (5,400) |  |  |  | 11.74 |  |  |  | (16,650) |  |  |  | 10.10 |
Exercised |  |  | (84,000) |  |  |  | 11.44 |  |  |  | (29,075) |  |  |  | 12.28 |  |  |  | (97,250) |  |  |  | 13.00 |
Outstanding at end of year |  |  | 185,375 |  |  | $ | 14.68 |  |  |  | 239,575 |  |  | $ | 13.24 |  |  |  | 228,250 |  |  | $ | 12.17 |
Exercisable at end of year |  |  | 92,075 |  |  | $ | 12.83 |  |  |  | 136,700 |  |  | $ | 11.66 |  |  |  | 113,175 |  |  | $ | 11.90 |
Summary of Options Outstanding, Exercisable, and Weighted Average Exercise Prices within Exercise Price Range | The number of options outstanding, exercisable, and their weighted average exercise prices were within the following price ranges at April 30, 2016:
|  | Exercise Price Range |
|  |  | $8.59-$12.66 |  |  |  | $13.12-$18.14 |
Options outstanding |  |  | 64,275 |  |  |  | 121,100 |
Weighted average exercise price |  | $ | 10.87 |  |  | $ | 16.70 |
Weighted average remaining contractual life |  |  | 4.54 years |  |  |  | 7.43 years |
Aggregate intrinsic value |  | $ | 376,000 |  |  | $ | 55,000 |
Options exercisable |  |  | 56,925 |  |  |  | 35,150 |
Weighted average exercise price |  | $ | 10.75 |  |  | $ | 16.20 |
Aggregate intrinsic value |  | $ | 340,000 |  |  | $ | 31,000 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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