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Stock-Based Compensation (Tables)

6 Months Ended

Oct. 31, 2021

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on July 22, 2021:   

	July 22,
	2021
Closing price of our common stock	$ 14. 75
Expected volatility of our common stock		54.2	%
Expected volatility of peer companies (1)	45.7% - 101.5%
Risk-free interest rate		0.33	%
Dividend yield		3.00	%
Correlation coefficient of peer companies (1)	0.03 - 0.35

(1) The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, grant date was based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

Performance-Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during the six-month periods ending October 31, 2021, and November 1, 2020:

		Performance-Based								(4)
		Restricted Stock				(3)				Price
Fiscal Year		Units Vested				Fair Value				Per Share
Fiscal 2022 (1)			6,734			$	115			$	17.14
Fiscal 2022 (2)			5,812			$	100			$	17.14
Fiscal 2021 (1)			3,277			$	33			$	9.96
Fiscal 2021 (2)			3,710			$	37			$	9.96

(1) Performance-based restricted stock units vested by senior executives.

(2) Performance-based restricted stock units vested by key employees.

(3) Dollar amounts are in thousands.

(4) Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.

Executive officers and key employees [Member]

Summary of Grants of Performance-Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with senior executives and key employees that are unvested as of October 31, 2021:

		(3)				(4)
		Performance-Based				Restricted Stock
		Restricted Stock				Units Expected
Date of Grant		Units Awarded				to Vest				Price Per Share					Vesting Period
July 22, 2021 (1)			122,477				61,238			$	15.93		(5)		3 years
July 22, 2021 (2)			21,900				10,650			$	14.75		(7)		3 years
July 18, 2019 (1)			93,653				4,654			$	19.04		(6)		3 years
July 18, 2019 (2)			29,227				2,787			$	18.49		(7)		3 years

(1) Performance-based restricted stock units awarded to senior executives.

(2) Performance-based restricted stock units awarded to key employees.

(3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of October 31, 2021.

(5) Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 2021.

(6) Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 18, 2019.

(7) Price per share represents the closing price of our common stock on the date of grant.

Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member]

Summary of Grants of Time-Based Restricted Stock Unit Awards

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with senior executives and key members of management that are unvested as of October 31, 2021:

		Time-Based
		Restricted Stock				(1)
Date of Grant		Units Awarded				Price Per Share					Vesting Period
July 22, 2021			37,991			$	14.75				3 years
August 6, 2020			129,896			$	11.01				3 years
July 18, 2019			34,399			$	18.49				3 years
August 2, 2018			10,000			$	24.35				5 years

(1) Price per share represents closing price of common stock on the date the respective award was granted.

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