Equity (Tables)

12 Months Ended

Apr. 30, 2024

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:

	For the years ended April 30,
	2024			2023			2022
Grant date fair market value
American Outdoor Brands, Inc.	$	8.79		$	12.70		$	26.44
Russell 2000 Index	$	1,769.21		$	1,882.91		$	2,277.45
Volatility (a)
American Outdoor Brands, Inc.		45.53	%		49.04	%		47.78	%
Russell 2000 Index		27.08	%		31.75	%		30.69	%
Correlation coefficient (b)		0.48			0.50			0.46
Risk-free interest rate (c)		3.81	%		2.91	%		0.33	%
Dividend yield (d)		0	%		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.

(d)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 years ended April 30, 2024, 2023, and 2022:

	For the years ended April 30,
	2024			2023			2022
Risk-free interest rate	5.46% - 5.53%			3.97% - 4.01%			0.05% - 0.09%
Expected term	6 months - 12 months			6 months - 12 months			6 months - 12 months
Expected volatility	43.2% - 48.9%			51.9% - 58.4%			54.7% - 56.7%
Dividend yield		0	%		0	%		0	%

RSUs and PSUs | 2020 Incentive Compensation Plan

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, 2024, 2023, and 2022 is as follows:

	For the years ended April 30,
	2024					2023					2022
				Weighted					Weighted					Weighted
	Total # of			Average		Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		560,579		$	13.36		349,774		$	15.93		427,519		$	11.67
Awarded		396,098			8.69		371,153			10.68		114,860			26.92
Vested		(212,636	)		11.31		(145,958	)		12.62		(127,111	)		11.57
Forfeited		(119,948	)		12.46		(14,390	)		14.20		(65,494	)		15.86
RSUs and PSUs outstanding, end of period		624,093		$	11.27		560,579		$	13.36		349,774		$	15.93