Equity (Tables)

12 Months Ended

Apr. 30, 2022

Share Based Payment Award Performance Shares Valuation Assumptions

We grant performance stock units, or PSUs, to our executive officers and certain other employees from time to time. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation. We incorporate the following variables into the valuation model:

	For the Years Ended April 30,
	2022			2021
Grant date fair market value
American Outdoor Brands, Inc.	$	26.44		$	13.30
Russell 2000 Index	$	2,277.45		$	1,504.59
Volatility (a)
American Outdoor Brands, Inc.		47.78	%		47.54	%
Russell 2000 Index		30.69	%		27.70	%
Correlation coefficient (b)		0.46			0.48
Risk-free interest rate (c)		0.33	%		0.17	%
Dividend yield (d)		0	%		0	%

(a)Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

We do not expect to pay dividends in the foreseeable future.

Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP

The following assumptions were used in valuing ESPP purchases under our ESPP during the year ended April 30, 2022:

	For the Years Ended April 30,
	2022			2021
Risk-free interest rate	0.05% - 0.09%			0.04% - 0.10%
Expected term	6 months - 12 months			6 months - 12 months
Expected volatility	54.7% - 56.7%			52.4% - 60.6%
Dividend yield		0	%		0	%

2020 Incentive Compensation Plan | RSUs and PSUs

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the fiscal years ended April 30, 2022 and 2021 is as follows:

	For the Year Ended April 30,
	2022					2021
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		427,519		$	11.67	—			$	—
Converted on August 24, 2020	—			—			237,587			9.23
Awarded		114,860			26.92		244,364			14.10
Vested		(127,111	)		11.57		(51,438	)		11.89
Forfeited		(65,494	)		15.86		(2,994	)		11.82
RSUs and PSUs outstanding, end of period		349,774		$	15.93		427,519		$	11.67