6. Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Apr. 30, 2021

Schedule of stock option activity

The following summarizes our stock option transaction activity for the fiscal year ended April 30, 2021:

	Stock Options (in thousands)			Grant Date Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value(1) (in thousands)
Outstanding at May 1, 2020		2,896		$	6.20
Granted		914		$	7.68
Exercised		(559	)	$	6.39
Canceled or expired		(121	)	$	7.23
Outstanding at April 30, 2021		3,130		$	6.56		5.41	$	46,452
Vested and expected to vest		3,130		$	6.56		5.41	$	46,452
Exercisable at April 30, 2021		1,458		$	6.46		4.75	$	21,787

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⁽¹⁾ Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 30, 2021, which was $21.41 per share.

Schedule of RSU activity

The following summarizes our RSUs transaction activity for the fiscal year ended April 30, 2021:

	Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2020		307		$	5.23
Granted		356			7.29
Vested		(89	)		5.27
Forfeited		(14	)		5.64
Outstanding at April 30, 2021		560		$	6.52

Share-based compensation expense

Stock-based compensation expense included in our Consolidated Statements of Operations and Comprehensive Income (Loss) was comprised of the following (in thousands):

	Fiscal Year Ended April 30,
	2021		2020		2019
Cost of revenues	$	1,404	$	922	$	474
Selling, general and administrative expense		2,450		1,577		1,121
Total	$	3,854	$	2,499	$	1,595

Equity Option [Member]

Fair value valuation assumptions

The fair value of stock options on the date of grant and the weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model were as follows:

	Fiscal Year Ended April 30,
	2021		2020		2019
Risk-free interest rate		0.32%		1.86%		2.81%
Expected life (in years)		4.69		5.06		5.57
Expected volatility		81.42%		77.45%		76.56%
Expected dividend yield		–		–		–

Employee Stock Purchase Plan [Member]

Fair value valuation assumptions

The weighted average grant date fair value of purchase rights under the ESPP during fiscal years ended April 30, 2021, 2020 and 2019 was $3.17, $1.81 and $1.49, respectively, based on the following weighted-average Black-Scholes option valuation model inputs:

	Fiscal Year Ended April 30,
	2021		2020		2019
Risk-free interest rate		0.14%		2.08%		2.26%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		75.50%		56.71%		71.10%
Expected dividend yield		–		–		–