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Stock Options and Share-Based Compensation | 12 Months Ended
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Apr. 30, 2024
Equity [Abstract] |
Stock Options and Share-Based Compensation | Stock Options and Share-Based Compensation The Company's stockholders approved the 2023 Omnibus Incentive Plan ("2023 Plan") in August, 2023, which enables the Company to grant a broad range of equity based awards, with potential recipients including directors, consultants and employees. The 2023 Plan replaced the 2017 Omnibus Incentive Plan (the "2017 Plan"). All outstanding equity granted under the 2017 Plan remain subject to, and will be settled under, the 2017 Plan. At the date of approval of the 2023 Plan, there were 64,633 shares available for new awards under the 2017 Plan, and 168,791 shares available for issuance under equity awards outstanding under the 2017 Plan. These shares that were available for new awards and any shares subject to outstanding awards under the 2017 Plan that subsequently cease to be subject to such awards are available under the 2023 Plan. The 2023 Plan also increased the total number of shares reserved for issuance under the Company's equity compensation plans by 310,000, for a total of 374,633 shares initially reserved for issuance under the 2023 Plan. At April 30, 2024, there were 383,572 shares available for future issuance under the 2023 Plan. Under the 2023 Plan and the 2017 Plan, in the aggregate, the Company recorded stock-based compensation expense for employees of $1,018,000 and $845,000 and deferred income tax benefit of $223,000 and $199,000 in fiscal years 2024 and 2023, respectively. The RSUs granted under the 2023 Plan and the 2017 Plan include grants with both a service and performance component vesting over a 3 year period and grants with only service components 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 performance period based on the ratio of cumulative days incurred to total days over the performance period. The remaining estimated compensation expense of $1,656,000 will be recorded over the remaining vesting periods. The fair value of each RSU granted to employees was estimated on the date 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 2024. The following table summarizes the RSU activity and weighted averages.
|  | 2024 |  | 2023
|  | Number of RSUs |  | Weighted Average Grant Date Fair Value |  | Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding at beginning of year |  | 159,640 |  |  | $ | 11.94 |  |  | 144,827 |  |  | $ | 12.24 |
Granted |  | 117,747 |  |  | $ | 15.97 |  |  | 87,969 |  |  | $ | 13.43 |
Vested |  | (103,519) |  |  | $ | 11.03 |  |  | (50,315) |  |  | $ | 13.86 |
Forfeited |  | (5,077) |  |  | $ | 10.54 |  |  | (22,841) |  |  | $ | 15.37 |
Outstanding at end of year |  | 168,791 |  |  | $ | 15.35 |  |  | 159,640 |  |  | $ | 11.94 |
The stockholders approved the 2008 Key Employee Stock Option 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 and an amendment to the plan in August 2015, authorizing an additional 300,000 shares. Under the plan, options were granted at not less than the fair market value at the date of grant with options exercisable in such installments, for such terms (up to 10 years). This plan was replaced by the 2017 Omnibus Plan with all outstanding options granted under the prior plan to remain subject to the prior plan. The last grant of options, issued on August 31, 2016, under the prior plan will expire August 31, 2026. The Company did not record any compensation expense related to outstanding stock options in fiscal years 2024 or 2023. The Company issued new shares of common stock to satisfy options exercised during fiscal years 2024 and 2023. Stock option activity and weighted average exercise price are summarized as follows:
| 2024 |  | 2023
| Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
Outstanding at beginning of year | 33,900 |  |  | $ | 19.97 |  |  | 47,400 |  |  | $ | 19.34 |
Canceled | (3,700) |  |  | $ | 16.09 |  |  | (7,850) |  |  | $ | 20.08 |
Exercised | (5,500) |  |  | $ | 22.21 |  |  | (5,650) |  |  | $ | 14.54 |
Outstanding at end of year | 24,700 |  |  | $ | 20.05 |  |  | 33,900 |  |  | $ | 19.97 |
Exercisable at end of year | 24,700 |  |  | $ | 20.05 |  |  | 33,900 |  |  | $ | 19.97 |
The number of options outstanding, exercisable, and their weighted average exercise prices were within the following ranges at April 30, 2024:
| $15.85-$23.62
Options outstanding | 24,700 |
Weighted average exercise price | $ | 20.05 |
Weighted average remaining contractual life | 1.68 years
Aggregate intrinsic value | $ | 386,584 |
Options exercisable | 24,700 |
Weighted average exercise price | $ | 20.05 |
Aggregate intrinsic value | 386,584 |

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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