XML 50 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation (Tables)
12 Months Ended
Apr. 30, 2012
Stock-Based Compensation [Abstract]  
Estimated weighted average fair value for options granted each period
The following table provides the estimated weighted average fair value for options granted each period using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of the Company's Common Stock price over the estimated life of the option while, the dividend yield is based on the expected dividend payments to be made by the Company.

For the Twelve Months
Ending April 30,
2012
2011
2010
Fair Value of Options on Grant Date
$14.11
$11.97
$11.32
Weighted Average assumptions:
Expected Life of Options (years)
7.3
7.7
7.8
Risk-Free Interest Rate
2.3%
2.7%
3.3%
Expected Volatility
29.0%
28.9%
29.9%
Expected Dividend Yield
1.6%
1.6%
1.6%
Fair Value of Common Stock on Grant Date
$49.55
$40.02
$35.04
Summary of activity and status of stock option plans
A summary of the activity and status of the Company's stock option plans follows:
 
 
2012
 
2011
 
2010
Stock Options
Options
(in 000's)
 
 
 
 
Weighted Average Exercise Price
 
Weighted Average Remaining Term
(in years)
 
 
 
Average Intrinsic Value
(in millions)
 
 
 
 
 
Options
(in 000's)
Weighted Average Exercise Price
 
 
 
 
 
Options
(in 000's)
 
Weighted Average Exercise Price
Outstanding at Beginning of Year
4,258
$38.52
4,987
$36.51
5,722
$34.05
Granted
411
$49.55
413
$40.02
695
$35.04
Exercised
(539)
$29.97
(1,133)
$30.23
(1,407)
$25.74
Expired or Forfeited
-
-
(9)
$32.54
(23)
$40.37
Outstanding at End of Year
4,130
$40.74
4.5
$23.7
4,258
$38.52
4,987
$36.51
Exercisable at End of Year
2,301
$40.08
2.9
$14.5
2,218
$35.40
2,513
$31.47
Vested and Expected to Vest in the Future at April 30, 2012
3,992
$40.82
4.5
$22.6
 
 
 
Summary of stock options outstanding and exercisable, by range of exercise prices
The following table summarizes information about stock options outstanding and exercisable at April 30, 2012:

Options Outstanding
Options Exercisable
 
 
Range of Exercise Prices
 
Number of Options
(in 000's)
 
Weighted Average Remaining Term (in years)
 
Weighted Average Exercise Price
 
Number of Options
(in 000's)
 
Weighted Average Exercise Price
$21.44 to $25.32
125
1.0
25.21
125
$25.21
$31.89 to $38.55
1,939
3.6
35.36
1,246
$35.54
$40.02 to $49.55
2,066
5.5
46.72
930
$48.15
Total/Average
4,130
4.5
40.74
2,301
$40.08

Summary of activity for performance-based and other restricted stock awards
Under certain circumstances relating to a change of control or termination, as defined, the restrictions would lapse and shares would vest earlier. Activity for performance-based and other restricted stock awards during fiscal years 2012, 2011 and 2010 was as follows (shares in thousands):

2012
2011
2010
Restricted Shares
Weighted Average Grant Date Value
Restricted Shares
Restricted Shares
 
Nonvested Shares at Beginning of Year
 
904
 
$40.15
 
926
 
682
Granted
272
$49.42
255
363
Change in shares due to performance
31
$35.04
78
191
Vested and Issued
(159)
$47.06
(349)
(292)
Forfeited
(6)
$48.88
(6)
(18)
Nonvested Shares at End of Year
1,042
$41.31
904
926