Stock Options and Share-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2014

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


	2014		2013	2012
	2008 Plan	2010 Plan	2008 Plan	2008 Plan	2010 Plan
Options granted	36,600	10,000	40,000	45,000	10,000
Weighted average expected stock price volatility	50.58%	36.98%	51.18%	48.51%	29.92%
Expected option life	6.25 years	3.33 years	6.25 years	6.25 years	2.42 years
Average risk-free interest rate	1.80%	0.62%	1.35%	2.74%	0.90%
Average dividend yield	3.21%	3.33%	4.34%	3.48%	3.38%
Estimated fair value of each option	$5.84	$2.73	$3.86	$3.06	$1.53

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


	2014				2013				2012
	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		295,550	$	11.84		298,050	$	11.60		279,800	$	11.94
Granted		46,600		15.26		40,000		11.78		55,000		8.90
Canceled		(16,650)		10.10		(15,750)		10.57		(22,250)		10.64
Exercised		(97,250)		13.00		(26,750)		9.86		(14,500)		9.39

Outstanding at end of year		228,250	$	12.17		295,550	$	11.84		298,050	$	11.60

Exercisable at end of year		113,175	$	11.90		157,250	$	12.91		126,425	$	13.00

The number of options outstanding, exercisable, and their weighted average exercise prices were within the following price ranges at April 30, 2014:


	Exercise Price Range
	$	8.59-$12.66	$	14.69-$15.85

Options outstanding		165,650		62,600
Weighted average exercise price	$	10.95	$	15.40
Weighted average remaining contractual life		5.24 years		7.09 years
Aggregate intrinsic value	$	973,000	$	89,000

Options exercisable		87,175		26,000
Weighted average exercise price	$	11.04	$	14.77
Aggregate intrinsic value	$	504,000	$	53,000