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Stockholders' Equity (Tables)
 9 Months Ended
Jan. 31, 2015
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 nine months ended January 31, 2015 and 2014 (in thousands, except per share data):

 

 

For the Three Months Ended January 31,

 

 

For the Nine Months Ended January 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Net income/(loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

8,178

 

 

$

20,057

 

 

$

27,885

 

 

$

63,728

 

(Loss)/income from discontinued operations

 

(57

)

 

 

728

 

 

 

(160

)

 

 

521

 

Net income

$

8,121

 

 

$

20,785

 

 

$

27,725

 

 

$

64,249

 

Weighted average shares outstanding - Basic

 

53,724

 

 

 

55,583

 

 

 

54,033

 

 

 

59,815

 

Dilutive effect of stock option and award plans

 

1,135

 

 

 

1,441

 

 

 

1,225

 

 

 

2,250

 

Diluted shares outstanding

 

54,859

 

 

 

57,024

 

 

 

55,258

 

 

 

62,065

 

Earnings per share - Basic (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

0.15

 

 

$

0.36

 

 

$

0.52

 

 

$

1.07

 

(Loss)/income from discontinued operations

$

(0.00

)

 

$

0.01

 

 

$

(0.00

)

 

$

0.01

 

Net income

$

0.15

 

 

$

0.37

 

 

$

0.51

 

 

$

1.07

 

Earnings per share - Diluted (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

0.15

 

 

$

0.35

 

 

$

0.50

 

 

$

1.03

 

(Loss)/income from discontinued operations

$

(0.00

)

 

$

0.01

 

 

$

(0.00

)

 

$

0.01

 

Net income

$

0.15

 

 

$

0.36

 

 

$

0.50

 

 

$

1.04

 

_______________

(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 nine months ended January 31, 2015 and 2014 are as follows:

 

 

For the Nine Months Ended January 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

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

 

(222,884

)

 

 

4.62

 

 

 

(508,800

)

 

 

2.76

 

Canceled/forfeited during period

 

(13,000

)

 

 

7.98

 

 

 

(28,000

)

 

 

5.59

 

Options outstanding, end of period

 

2,022,465

 

 

$

6.31

 

 

 

2,482,327

 

 

$

5.83

 

Weighted average remaining contractual life

5.28 years

 

 

 

 

 

 

5.99 years

 

 

 

 

 

Options exercisable, end of period

 

1,943,800

 

 

$

6.23

 

 

 

2,003,639

 

 

$

5.81

 

Weighted average remaining contractual life

5.20 years

 

 

 

 

 

 

5.56 years

 

 

 

 

 

 
Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions

The following assumptions were used in valuing our ESPP purchases during the nine-month periods ended January 31, 2015 and 2014:

 

 

For the Nine Months Ended January 31,

 

2015

 

2014

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 nine months ended January 31, 2015 and 2014 is as follows:

 

 

For the Nine Months Ended January 31,

 

 

2015

 

 

2014

 

 

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

 

499,200

 

 

 

10.51

 

 

 

487,156

 

 

 

10.32

 

Vested

 

(318,171

)

 

 

8.75

 

 

 

(276,064

)

 

 

8.61

 

Forfeited

 

(96,204

)

 

 

12.42

 

 

 

(16,294

)

 

 

8.89

 

RSUs and PSUs outstanding, end of period

 

1,100,300

 

 

$

11.87

 

 

 

976,384

 

 

$

9.20