PREFERRED AND COMMON STOCK

Preferred stock The Company has 1,000,000 authorized shares of preferred stock of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares have been issued.

Common stock The Company currently has 120,000,000 authorized shares of common stock.

Stock option plans The 2009 Stock Incentive Plan (the “Plan”), was approved by the Board of Directors in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “Prior Plans”). There are 3,556,936 shares available for grant at April 30, 2016 under the Plan. Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one, and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two. Restricted stock is transferred to the employee or non-employee immediately upon grant, whereas restricted stock units have a vesting period that must expire before the stock is transferred. We account for stock-based compensation by estimating the fair value of stock options using the Black Scholes model, and value restricted stock unit awards granted under the Plan using market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. At April 30, 2016, stock options for 291,200 shares (which expire between 2017 and 2021) were outstanding. All stock option shares issued are previously unissued authorized shares.

The following table summarizes the most recent compensation grants made during the three-year period ended April 30, 2016:



Date of Grant	Type of Grant	Shares Granted	Recipients	Vesting Date	Fair Value at Grant Date

June 7 & 19, 2013	Restricted Stock Units	77,650	Officers & Key employees	June 7, 2016	$4,816
September 13, 2013	Restricted Stock Units	14,000	Non-employee board members	May 1, 2014	$958
June 6, 2014	Restricted Stock Units	91,000	Officers & Key employees	June 6, 2017	$6,584
June 6, 2014	Restricted Stock	30,538	Officers & Key employees	Immediate (Annual performance goal)	$2,209
September 19, 2014	Restricted Stock	13,955	Non-employee board members	Immediate	$990
June 5, 2015	Restricted Stock Units	104,200	Officers & Key employees	June 5, 2018	$9,135
June 5, 2015	Restricted Stock	48,913	Officers & Key employees	Immediate (Annual performance goal)	$4,288
April 12, 2016	Restricted Stock Units	10,000	CEO	20% each May 1, 2017-2021	$1,060

Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:



	Number of option shares		Weighted average option exercise price
Outstanding at April 30, 2013	854,809		$	34.64
Granted	—		—
Exercised	(140,785	)	23.93
Forfeited	(2,000	)	44.39
Outstanding at April 30, 2014	712,024		$	36.73
Granted	—		—
Exercised	(310,224	)	36.96
Forfeited	—		—
Outstanding at April 30, 2015	401,800		$	36.55
Granted	—		—
Exercised	(108,100	)	34.37
Forfeited	(2,500	)	25.26
Outstanding at April 30, 2016	291,200		$	37.46

At April 30, 2016, all outstanding options had an aggregate intrinsic value of $21,707 and a weighted average remaining contractual life of 4.32 years. All options are vested as of April 30, 2016. The aggregate intrinsic value for the total of all options exercised during the year ended April 30, 2016 was $8,071, and no shares vested during the year ended April 30, 2016.

At April 30, 2016, the range of exercise prices for outstanding options was $24.11 – $44.39. The number of shares and weighted average remaining contractual life of the options by range of applicable exercise prices at April 30, 2016 were as follows:



Range of exercise prices	Number of shares	Weighted average exercise price	Weighted average remaining contractual life (years)
24.11-25.26	84,350	25.23	3.1
25.49-26.92	22,500	26.47	1.8
44.39	184,350	44.39	5.2
	291,200

Information concerning the issuance of restricted stock units under the Plan is presented in the following table:




Unvested at April 30, 2013	71,196
Granted	91,650
Vested	(14,150	)
Forfeited	(150	)
Unvested at April 30, 2014	148,546
Granted	91,000
Vested	(38,198	)
Forfeited	(7,418	)
Unvested at April 30, 2015	193,930
Granted	114,200
Vested	(31,480	)
Forfeited	(3,750	)
Unvested at April 30, 2016	272,900

Total compensation costs recorded for the stock options, restricted stock, and restricted stock unit awards for the years ended April 30, 2016, 2015 and 2014 were $7,413, $7,307, and $5,600, respectively. As of April 30, 2016, there was $9,212 of total unrecognized compensation costs related to the Plan and Prior Plans for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2019.