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Preferred and Common Stock
 12 Months Ended
Apr. 30, 2022
Share-based Payment Arrangement [Abstract]  
Preferred And Common Stock 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 of preferred stock have been issued.
Common stock: The Company currently has 120,000,000 authorized shares of common stock.
Stock incentive plans: The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must
expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. There were 1,972,306 shares available for grant at April 30, 2022, under the 2018 Plan.
We account for stock-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. For market-based awards, we use a Monte Carlo approach to estimate the value of the awards, which simulates the prices of the Company’s and each member of the performance peer groups' common stock price at the end of the relevant performance period, taking into account volatility and the specifics surrounding each total shareholder return metric under the relevant plan. We recognize these amounts as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee and/or non-employee member of the Board.
The following table summarizes the equity-related grants made during the three-year period ended April 30, 2022:
Date of GrantType of GrantShares GrantedRecipientsVesting DateFair Value at Grant Date
June 4, 2019Restricted Stock Units75,959 Key EmployeesJune 4, 2022$9,886
June 4, 2019Restricted Stock Units (1)59,579 OfficersJune 4, 2022$9,097
June 24, 2019Restricted Stock Units (2)32,786 CEOVarious (2)$5,700
September 4, 2019Restricted Stock Units5,504 Non-Employee Board Members2020 Annual Shareholders' Meeting $919
December 23, 2019Restricted Stock Units (3)5,000 CEOVarious (3)$788
Fiscal 2020 -VariousRestricted Stock Units (4)8,444 OfficersVarious (4)$1,368
Fiscal 2020 -VariousRestricted Stock Units (5)1,763 OfficersVarious (5)$354
Fiscal 2021 -VariousRestricted Stock Units80,050 Key EmployeesVests ratably on anniversary date over three-year period$13,417
Fiscal 2021 -VariousRestricted Stock Units (6)94,756 OfficersVarious (6)$17,856
September 2, 2020Restricted Stock Units5,240 Non-Employee Board Members2021 Annual Shareholders' Meeting $951
Fiscal 2021 -VariousRestricted Stock Units (7)29,890 Key Employees and OfficersVarious (7)$5,153
May 3, 2021Restricted Stock Units5,053 OfficersJune 15, 2021$1,760
Fiscal 2022 -VariousRestricted Stock Units54,525 Key EmployeesVests ratably on anniversary date over three-year period$11,654
Fiscal 2022 -VariousRestricted Stock Units (6)88,224 OfficersVarious (6)$19,629
September 1, 2021Restricted Stock Units5,275 Non-Employee Board Members2022 Annual Shareholders' Meeting$1,081
Fiscal 2022 -VariousRestricted Stock Units (7)1,201 Key Employees and OfficersVarious (7)$227
(1) This grant of restricted stock units ("RSUs") includes time-based, performance-based and market-based awards. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". Total performance-based expense of approximately $6.9 million (compared to a grant date fair value of $3.4 million) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of "target".
Total market-based expense of approximately $2.8 million will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions.
(2) This grant of RSUs includes time-based awards that vest ratably on each June 24, 2020 through 2022, along with a market-based award vesting June 24, 2022. The market-based award incorporates market conditions in determining fair value on the grant date and will range from 0% to 200% of target. Total market-based expense of approximately $1.8 million will be recognized on a straight-line basis over the vesting period.
(3) This grant of RSUs includes performance-based awards which are calculated based upon targets achieved over a performance period of January 1, 2020 to December 31, 2020. Now that the performance targets are met, the units vest ratably on each January 15, 2021 through 2023.
(4) These grants of RSUs were issued to various officers throughout the 2020 fiscal year. The grants were comprised of time-based awards and vest in accordance with the vesting schedules in the award agreements, ranging from January 2021 to January 2023.
(5) These grants of RSUs were issued to various officers throughout the 2020 fiscal year. The grants include performance-based and market-based awards. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". Total performance-based expense of approximately $354 (compared to a grant date fair value of $177) will be recognized on a straight-line basis over the vesting period. The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of "target". Total market-based expense of approximately $177 will be recognized on a straight-line basis over the vesting period.
(6) These grants of RSUs were issued to officers throughout the 2021 and 2022 fiscal years. The grants include time-based awards and performance-based awards. The time-based awards vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". In addition, the performance-based award is subject to the TSR Modifier. Total performance-based expense of approximately $25.3 million for the 2021 grant and $14.0 million for the 2022 grant (compared to a grant date fair value of $13.9 million and $14.7 million, respectively) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions.
(7) These grants of RSUs were issued to officers and key employees throughout the 2021 and 2022 fiscal years. The grants include primarily time-based awards, as well as a performance-based award. The time-based awards vest in accordance with the vesting schedules in the award agreements, ranging from June 2021 to March 2024. The grants also include one performance-based award that represents a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of the “target". In addition, the performance-based award is subject to the TSR Modifier. Total performance-based expense of approximately $2.6 million (compared to a grant date fair value of $1.3 million) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions.
At April 30, 2022, there were no stock options outstanding. There were 3,000 stock options exercised during the fiscal year ended April 30, 2022, with an aggregate intrinsic value of $529.
Information concerning the issuance of restricted stock units under the 2018 Plan is presented in the following table:
Unvested at April 30, 2019388,800 
Granted189,035 
Vested(108,484)
Forfeited(25,146)
Performance Award Adjustments29,594 
Unvested at April 30, 2020473,799 
Granted209,936 
Vested(154,842)
Forfeited(12,275)
Performance Award Adjustments130,302 
Unvested at April 30, 2021646,920 
Granted154,278 
Vested(242,955)
Forfeited(30,055)
Performance Award Adjustments(1,794)
Unvested at April 30, 2022526,394 
Total compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2022, 2021 and 2020 were $37,976, $31,986, and $18,129, respectively. As of April 30, 2022, there was $30,514 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2025.
On March 7, 2018, the Company announced a share repurchase program, whereby the Company was authorized to repurchase up to an aggregate of $300 million of the Company’s outstanding common stock (the "Existing Repurchase Program"). No repurchases have been made under the Existing Repurchase Program and it was set to expire on April 30, 2022. On, and effective as of, March 3, 2022, the Board authorized an extension and expansion of the Existing Repurchase Program by $100 million, for a total amount of up to $400 million, exclusive of fees, commissions or other expenses, under which the Company may repurchase its outstanding common stock from time-to-time (the "Updated Repurchase Program"); the Updated Repurchase Program has no set expiration date. The timing and number of repurchase transactions under the Updated Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Updated Repurchase Program can be suspended or discontinued at any time.