Stock Options and Share-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Fair Value of Options Granted Using Black-Scholes Model

The fair value of the options granted as shown below was estimated using the Black-Scholes model with the following assumptions:

	2013	2012		2011
	2008 Plan	2008 Plan	2010 Plan	2008 Plan	2010 Plan
Options granted	40,000	45,000	10,000	56,400	80,000
Weighted average expected stock price volatility	51.18%	48.51%	29.92%	47.53%	57.63%
Expected option life	6.25 years	6.25 years	2.42 years	6.25 years	3.75 years
Average risk-free interest rate	1.35%	2.74%	0.90%	1.80%	0.95%
Average dividend yield	4.34%	3.48%	3.38%	2.95%	2.95%
Estimated fair value of each option	$3.86	$3.06	$1.53	$3.79	$3.83

Summary of Stock Option Activity and Weighted Average Exercise Price

Stock option activity and weighted average exercise price is summarized as follows:

	2013				2012				2011
	Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
Outstanding at beginning of year		298,050	$	11.60		279,800	$	11.94		158,925	$	12.86
Granted		40,000		11.78		55,000		8.90		136,400		10.64
Canceled		(15,750)		10.57		(22,250)		10.64		(1,675)		11.83
Exercised		(26,750)		9.86		(14,500)		9.39		(13,850)		9.71
Outstanding at end of year		295,550	$	11.84		298,050	$	11.60		279,800	$	11.94
Exercisable at end of year		157,250	$	12.91		126,425	$	13.00		81,588	$	12.86

Summary of Options Outstanding, Exercisable, and Weighted Average Exercise Prices within Exercise Price Range

The number of options outstanding, exercisable, and their weighted average exercise prices were within the following price ranges at April 30, 2013:

	Exercise Price Range
		$8.59-$12.66	$14.69-$14.90
Options outstanding		222,700	72,850
Weighted average exercise price		$10.87	$14.79
Weighted average remaining contractual life		6.58 years	4.84 years
Aggregate intrinsic value		$485,000	—
Options exercisable		84,400	72,850
Weighted average exercise price		$11.28	$14.79
Aggregate intrinsic value		$150,000	—