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Stockholders' Equity (Tables)
 6 Months Ended
Oct. 31, 2014
Equity [Abstract]  
Reconciliation of Income/(Loss) Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share

The following table provides a reconciliation of the income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and six months ended October 31, 2014 and 2013 (in thousands, except per share data):

 

 

For the Three Months Ended October 31,

 

 

For the Six Months Ended October 31,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Net income/(loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

5,091

 

 

$

17,145

 

 

$

19,708

 

 

$

43,671

 

Loss from discontinued operations

 

(41

)

 

 

(158

)

 

 

(102

)

 

 

(208

)

Net income

$

5,050

 

 

$

16,987

 

 

$

19,606

 

 

$

43,463

 

Weighted average shares outstanding - Basic

 

53,545

 

 

 

59,620

 

 

 

54,188

 

 

 

61,931

 

Dilutive effect of stock option and award plans

 

1,106

 

 

 

1,364

 

 

 

1,247

 

 

 

1,820

 

Diluted shares outstanding

 

54,651

 

 

 

60,984

 

 

 

55,435

 

 

 

63,751

 

Earnings per share - Basic (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

0.10

 

 

$

0.29

 

 

$

0.36

 

 

$

0.71

 

Loss from discontinued operations

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

Net income

$

0.09

 

 

$

0.28

 

 

$

0.36

 

 

$

0.70

 

Earnings per share - Diluted (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

0.09

 

 

$

0.28

 

 

$

0.36

 

 

$

0.69

 

Loss from discontinued operations

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

Net income

$

0.09

 

 

$

0.28

 

 

$

0.35

 

 

$

0.68

 

_______________

(a)

Net income per share may not equal earnings per share from continuing operations plus discontinued operations due to rounding.
Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of options for the six months ended October 31, 2014 and 2013 are as follows:

 

For the Six Months Ended October 31,

 

 

2014

 

 

2013

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

Shares

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

 

Options outstanding, beginning of year

 

2,258,349

 

 

$

6.15

 

 

 

3,019,127

 

 

$

5.31

 

Exercised during the period

 

(166,886

)

 

 

4.77

 

 

 

(418,466

)

 

 

2.55

 

Canceled/forfeited during period

 

(13,000

)

 

 

7.98

 

 

 

(28,000

)

 

 

5.59

 

Options outstanding, end of period

 

2,078,463

 

 

$

6.25

 

 

 

2,572,661

 

 

$

5.76

 

Weighted average remaining contractual life

5.49 years

 

 

 

 

 

 

6.22 years

 

 

 

 

 

Options exercisable, end of period

 

1,986,465

 

 

$

6.18

 

 

 

2,013,974

 

 

$

5.79

 

Weighted average remaining contractual life

5.40 years

 

 

 

 

 

 

5.73 years

 

 

 

 

 

 

 
Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions

The following assumptions were used in valuing our ESPP purchases during the six-month periods ended October 31, 2014 and 2013:

 

For the Six Months Ended October 31,

 

2014

 

2013

Risk-free interest rate

0.04%

 

0.04%

Expected term

6 months

 

6 months

Expected volatility

36.0%

 

35.2%

Dividend yield

0%

 

0%

 
Summary of Activity in Unvested RSUs and PSUs

A summary of activity in unvested RSUs and PSUs for the six months ended October 31, 2014 and 2013 is as follows:

 

 

For the Six Months Ended October 31,

 

 

2014

 

 

2013

 

 

Total # of

 

 

Weighted Average

 

 

Total # of

 

 

Weighted Average

 

 

Restricted

 

 

Grant Date

 

 

Restricted

 

 

Grant Date

 

 

Stock Units

 

 

Fair Value

 

 

Stock Units

 

 

Fair Value

 

RSUs and PSUs outstanding, beginning of year

 

1,015,475

 

 

$

10.56

 

 

 

781,586

 

 

$

8.42

 

Awarded

 

283,700

 

 

 

11.18

 

 

 

480,656

 

 

 

10.30

 

Vested

 

(312,670

)

 

 

8.71

 

 

 

(210,230

)

 

 

8.18

 

Forfeited

 

(69,371

)

 

 

12.11

 

 

 

(12,518

)

 

 

8.61

 

RSUs and PSUs outstanding, end of period

 

917,134

 

 

$

12.25

 

 

 

1,039,494

 

 

$

9.23