7. Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests

Certain subsidiaries have equity based compensation arrangements with certain of the subsidiary’s employees and minority shareholders. These arrangements are stock appreciation rights, deferred compensation agreements and liabilities to noncontrolling interest holders. Since these arrangements are typically settled in cash or notes, the Company accounts for these arrangements as liability awards and measures at fair value. Total expense related to these instruments was $3.2 million during the nine months ended January 31, 2018 and was included in selling, general and administrative expenses in the Condensed Consolidated Statement of Operations and Comprehensive Income.

Stock Appreciation Rights

Certain subsidiaries have granted stock appreciation rights to certain employees under which payments are dependent on the appreciation in the book value per share, adjusted for certain provisions, of the applicable subsidiary. Settlements of the awards can be made in a combination of cash or installment notes, generally paid over four years, upon a triggering event. As of January 31, 2018, all stock appreciation rights were vested. Current liabilities related to these plans of $0.3 million and $0.9 million were included in accrued compensation and employee benefits as of January 31, 2018 and April 30, 2017, respectively. Long‑term liabilities related to these plans of $21.7 million and $19.8 million were included in other liabilities as of January 31, 2018 and April 30, 2017, respectively. Below is a summary of changes to the liability (in thousands):


Stock appreciation rights as of May 1, 2017	$	20,662
Amounts redeemed		(501)
Change in fair value		1,863
Stock appreciation rights as of January 31, 2018	$	22,024

Deferred Compensation

Certain shareholders of the Company’s subsidiaries have entered into deferred compensation agreements that granted the shareholders a payment based on a percentage in excess of book value, adjusted for certain provisions, upon an occurrence as defined in the related agreements, which are called “Buy Sell” agreements. These instruments are redeemed in cash or installment notes, generally paid in annual installments generally over the five years following termination of employment. Current liabilities related to these plans of $0.1 million and $0.3 million were included in accrued compensation and employee benefits as of January 31, 2018 and April 30, 2017, respectively. Long-term liabilities related to these plans of $2.1 million and $3.5 million were included in other liabilities as of January 31, 2018 and April 30, 2017, respectively. Below is a summary of changes to the liability (in thousands):


Deferred compensation as of May 1, 2017	$	3,750
Amounts redeemed		(1,733)
Change in fair value		178
Deferred compensation as of January 31, 2018	$	2,195

Redeemable Noncontrolling Interests

Noncontrolling interests were issued to certain employees of the Company’s subsidiaries. All of the noncontrolling interest awards are subject to mandatory redemption on termination of employment for any reason. These instruments are redeemed in cash or installment notes and are generally paid in annual installments generally over the five years following termination of employment. Current liabilities related to these instruments of $0.4 million and $1.7 million were included in accrued compensation and employee benefits as of January 31, 2018 and April 30, 2017, respectively. Long-term liabilities related to these instruments of $15.4 million and $22.6 million were included in liabilities to noncontrolling interest holders, less current portion as of January 31, 2018 and April 30, 2017, respectively. Below is a summary of changes to the liability (in thousands):


Non-controlling interests as of May 1, 2017	$	24,309
Amounts redeemed		(9,664)
Change in fair value		1,192
Non-controlling interests as of January 31, 2018	$	15,837

Upon the termination of employment or other triggering events including death or disability of the noncontrolling stockholders in the Company’s subsidiaries, we are obligated to purchase, or redeem, the noncontrolling interests at either an agreed upon price or a formula value provided in the stockholder agreements. This formula value is typically based on the book value per share of the subsidiary’s equity, including certain adjustments.