Disclosure of Compensation Related Costs, Share Based Payments

6 Months Ended

Oct. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share Based Payments

5.Disclosure of Compensation Related Costs, Share Based Payments

The 2009 Stock Incentive Plan (the “Plan”), was approved by the Board 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 4,334,608 shares still available for grant at October 31, 2012.  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.  On June 8, 2012, restricted stock units with respect to a total of 32,998 shares were granted to certain officers and key employees for the equity component of the 2012 fiscal year incentive compensation award. These awards were granted at no cost to the grantee. These awards will vest on May 1, 2015 and compensation expense is currently being recognized ratably over the vesting period. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement.

On September 14, 2012, restricted stock units totaling 14,000 shares were granted to the non-employee members of the Board. This award was granted at no cost to the non-employee members of the Board. This award will vest on May 1, 2013 and compensation expense is currently being recognized ratably over the vesting period.

At October 31, 2012, options for shares (which expire between 2013 and 2021) were outstanding for the Plan and Prior Plans.  Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:

	Number of			Weighted
	restricted	Number of		average option
	stock units	option shares		exercise price
Outstanding at April 30, 2012	66,198	1,053,509	$		32.59
Granted	46,998	-			-
Exercised	-	(151,098)			24.13
Forfeited	-	(500)			14.08
Outstanding at October 31, 2012	113,196	901,911	$		34.02

At October 31, 2012, all outstanding options had an aggregate intrinsic value of $15,810 and a weighted average remaining contractual life of 7.0years.  The vested options totaled 464,911 shares with a weighted average exercise price of $24.27 per share and a weighted average remaining contractual life of 5.3years.  The aggregate intrinsic value for the vested options as of October 31, 2012, was $12,681.  The aggregate intrinsic value for the total of all options exercised during the six months ended October 31, 2012, was $5,323.

Total compensation costs recorded for the six months ended October 31, 2012 and 2011, respectively, were $2,060  and  $1,521for the stock option and restricted stock unit awards.  As of October 31, 2012, there was  $3,572of total unrecognized compensation costs related to the Plan for stock options and $2,192of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2015.