XML 18 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Incentive Awards
12 Months Ended
Apr. 30, 2013
Long-Term Incentive Awards  
Long-Term Incentive Awards

9.     Long-Term Incentive Awards

        During each of the years ended April 30, 2013, 2012 and 2011, the Company granted a three-year performance award under the Restated 2006 Plan to each of its key employees. The performance period for each three-year award is the three-year period ending April 30, 2015, 2014 and 2013, respectively. A target payout was established at the beginning of the performance period. The actual payout at the end of the performance period will be calculated based upon the Company's achievement of revenue and operating profit growth. Payouts will be made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock.

        During the year ended April 30, 2011, the Company also granted a two-year performance award under the 2006 Plan to each of its key employees. The performance period for the two-year award was the two-year period ending April 30, 2012. A target payout was established at the beginning of each performance period. The actual payout at the end of each performance period was calculated based upon the Company's achievement of revenue and operating profit growth. Payouts were made in cash and restricted stock units. There were no awards granted before the year ended April 30, 2011.

        The cash component of the award is accounted for as a liability. The equity component is accounted for as a stock-based liability, as the restricted stock units may be settled in cash or stock. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company's current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

        During the years ended April 30, 2013, 2012 and 2011, the Company recorded compensation expense for the long-term incentive awards of $194,000, $441,000 and $762,000, respectively. At April 30, 2013 and 2012, the Company had an accrued liability of $0 and $1,203,000 for outstanding awards, respectively. The maximum compensation expense that may be recorded for outstanding awards is $12,518,000.