Stock-Based Compensation

6 Months Ended

Oct. 31, 2020

Note 6 — Stock-Based Compensation

We have stock-based compensation plans under which employees may be granted performance-based stock awards and other restricted stock awards. Prior to fiscal year 2017, we also granted options to purchase shares of our common stock at the fair market value at the time of grant. We recognize the grant date fair value of stock-based compensation in net income on a straight-line basis, net of estimated forfeitures over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established up to three years in advance. For the three and six months ended October 31, 2020, we recognized stock-based compensation expense, on a pre-tax basis, of $4.8 million and $9.1 million, respectively. For the three and six months ended October 31, 2019, we recognized stock-based compensation expense, on a pre-tax basis, of $5.7 million and $10.3 million, respectively.

The following table summarizes restricted stock awards we granted to employees (shares in thousands):

	Six Months Ended October 31,
	2020		2019
Restricted Stock:
Awards granted		390		716
Weighted average fair value of grant	$	38.38	$	44.75