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Stock Options and Share-Based Compensation | 12 Months Ended
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Apr. 30, 2021
Equity [Abstract] |
Stock Options and Share-Based Compensation | Stock Options and Share-Based Compensation The Company adopted ASU 2016-9, "Stock Compensation – Improvements to Employee Share-Based Payment Accounting" prospectively effective May 1, 2017. The Company elected prospectively to account for forfeitures as they occur rather than apply an estimated rate to share-based compensation expense. The Company's stockholders approved the 2017 Omnibus Incentive Plan ("2017 Plan") on August 30, 2017, which enables the Company to grant a broad range of equity, equity-related, and non-equity types of awards, with potential recipients including directors, consultants and employees. This plan replaced the 2010 Stock Option Plan for Directors and the 2008 Key Employee Stock Option Plan. No new awards will be granted under the prior plans and all outstanding options granted under the prior plans will remain subject to the prior plans. At the date of approval of the 2017 Plan there were 280,100 shares available for issuance under the prior plans. These shares and any shares subject to outstanding awards that subsequently cease to be subject to such awards are available under the 2017 Plan. The 2017 Plan did not increase the total number of shares available for issuance under the Company's equity compensation plans. At April 30, 2021 there were 167,136 shares available for future issuance. Under the 2017 Plan, the Company recorded stock-based compensation expense in accordance with ASC 718 of $578,000 and $152,000 and deferred income tax benefit of $136,000 and $36,000 in fiscal years 2021 and 2020, respectively. The RSUs include both a service and performance component vesting over a 3 year period. The recognized expense is based upon the vesting period for service criteria and estimated attainment of the performance criteria at the end of the 3 year period based on the ratio of cumulative days incurred to total days over the 3 year period. The remaining estimated compensation expense of $669,000 will be recorded over the remaining vesting periods. The fair value of each RSU granted to employees was estimated on the day of grant based on the weighted average price of the Company's stock reduced by the present value of the expected dividend stream during the vesting period using the risk-free interest rate. The Company issued new shares of common stock to satisfy RSUs that vested during fiscal year 2021. The following table summarizes the RSU activity and weighted averages.
|  | 2021 |  | 2020
|  | Number of RSUs |  | Weighted Average Grant Date Fair Value |  | Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding at beginning of year |  | 52,850 |  |  | $ | 20.08 |  |  | 23,308 |  |  | $ | 28.66 |
Granted |  | 95,861 |  |  | $ | 9.43 |  |  | 39,781 |  |  | $ | 15.93 |
Vested |  | (11,477) |  |  | $ | 13.55 |  |  | (2,397) |  |  | $ | 18.94 |
Forfeited |  | (12,017) |  |  | $ | 16.69 |  |  | (7,842) |  |  | $ | 21.94 |
Outstanding at end of year |  | 125,217 |  |  | $ | 12.71 |  |  | 52,850 |  |  | $ | 20.08 |
The stockholders approved the 2008 Key Employee Stock Option Plan ("2008 Plan") in fiscal year 2009 which allowed the Company to grant options on an aggregate of 300,000 shares of the Company's common stock. On August 26, 2015, the stockholders approved an amendment to this plan to increase the number of shares available under the 2008 Plan by 300,000 shares. Under the plan, options were granted at not less than the fair market value at the date of grant and options are exercisable in such installments, for such terms (up to 10 years), and at such times, as the Board of Directors determined at the time of the grant. At April 30, 2021, there were no shares available for future grants under the 2008 Plan. The Company recorded stock-based compensation expense in accordance with ASC 718. In order to determine the fair value of stock options on the date of grant, the Company applied the Black-Scholes option pricing model. Inherent in the model are assumptions related to expected stock-price volatility, option life, risk-free interest rate, and dividend yield. The stock options outstanding have the "plain-vanilla" characteristics as defined in SEC Staff Accounting Bulletin No. 107 (SAB 107). The Company utilized the Safe Harbor option "Simplified Method" to determine the expected term of these options in accordance with the guidance of SAB 107 for options outstanding. The stock-based compensation expense is recorded over the vesting period (4 years) for the options granted, net of tax. Under the 2008 Plan, the Company recorded $15,000 and $58,000 of compensation expense and $3,000 and $14,000 of deferred income tax benefit in fiscal years 2021 and 2020, respectively. The Company issued new shares of common stock to satisfy options exercised during fiscal years 2021 and 2020. Stock option activity and weighted average exercise price are summarized as follows:
| 2021 |  | 2020
| Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
Outstanding at beginning of year | 88,000 |  |  | $ | 18.45 |  |  | 104,350 |  |  | $ | 18.28 |
Canceled | (3,700) |  |  | $ | 15.97 |  |  | (14,050) |  |  | $ | 17.78 |
Exercised | — |  |  | $ | — |  |  | (2,300) |  |  | $ | 14.98 |
Outstanding at end of year | 84,300 |  |  | $ | 18.56 |  |  | 88,000 |  |  | $ | 18.45 |
Exercisable at end of year | 84,300 |  |  | $ | 18.56 |  |  | 83,400 |  |  | $ | 18.16 |
The number of options outstanding, exercisable, and their weighted average exercise prices were within the following ranges at April 30, 2021:
| Exercise Price Range
| $8.59-$11.78 |  | $15.85-$23.62
Options outstanding | 5,150 |  |  | 79,150 |
Weighted average exercise price | $ | 10.85 |  |  | $ | 19.06 |
Weighted average remaining contractual life | 1.04 years |  | 4.17 years
Aggregate intrinsic value | $ | 5,918 |  |  | $ | — |
Options exercisable | 5,150 |  |  | 79,150 |
Weighted average exercise price | $ | 10.85 |  |  | $ | 19.06 |
Aggregate intrinsic value | $ | 5,918 |  |  | $ | — |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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