XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.4
Equity-Based Compensation
 9 Months Ended
Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
General

Equity-based compensation expense related to stock options and restricted stock units was $9.4 million and $7.7 million during the nine months ended January 31, 2023 and 2022, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.
Stock Option Awards
The following table presents stock option activity for the nine months ended January 31, 2023:
Number of
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(shares and dollars in thousands)
Outstanding as of April 30, 20221,245 $25.65 6.4$28,121 
Options granted184 53.60 
Options exercised(195)16.27 
Options forfeited(2)32.76 
Outstanding as of January 31, 20231,232 $31.31 6.6$34,511 
Exercisable as of January 31, 2023815 $24.18 5.6$28,635 
Vested and Expected to vest as of January 31, 20231,230 $31.29 6.6$34,486 
The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the nine months ended January 31, 2023 and 2022 was $6.5 million and $6.6 million, respectively. As of January 31, 2023, there was $6.2 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.7 years.
The fair value of stock options granted during the nine months ended January 31, 2023 and 2022 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value:
Nine Months Ended
January 31,
20232022
Volatility45.80 %43.13 %
Expected life (years)6.06.0
Risk-free interest rate2.67 %0.89 %
Dividend yield— %— %
Grant date fair value$25.26 $20.86 
Restricted Stock Units
The following table presents restricted stock unit activity for the nine months ended January 31, 2023:
Number of
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
(shares in thousands)
Outstanding as of April 30, 2022330 $35.83 
Granted201 53.72 
Vested(171)33.20 
Forfeited(1)44.04 
Outstanding as of January 31, 2023359 $47.04 
As of January 31, 2023, there was $8.9 million of total unrecognized compensation cost related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.6 years.
Employee Stock Purchase Plan
The Company has an employee stock purchase plan (“ESPP”), the terms of which allow for qualified employees to participate in the purchase of shares of the Company’s common stock at a price equal to 90% of the lower of the closing price at the beginning or end of the purchase period, which is a six-month period ending on December 31 and June 30 of each year.  The Company recognized $0.8 million and $0.5 million of stock-based compensation expense related to the ESPP during the nine months ended January 31, 2023 and 2022, respectively.
The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share:
Nine Months Ended
January 31,
20232022
(shares in thousands)
Number of shares purchased under the ESPP
79 70 
Average purchase price$40.47 $33.19