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Stock Options and Share-Based Compensation (Tables)

12 Months Ended

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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- References

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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

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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

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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

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