5. Equity Compensation Plans

3 Months Ended

Jul. 31, 2019

Share-based Payment Arrangement [Abstract]

Equity Compensation Plans

Note 5 – Equity Compensation Plans

Stock Incentive Plans

As of July 31, 2019, we had an aggregate of 7,161,429 shares of our common stock reserved for issuance under our stock incentive plans, of which 3,908,148 shares were subject to outstanding stock options and restricted stock units and 3,253,281 shares were available for future grants of stock-based awards.

Stock Options

The following summarizes our stock option transaction activity for the three months ended July 31, 2019:

	Stock Options			Grant Date Weighted Average Exercise Price
		(in thousands)
Outstanding at May 1, 2019		3,274		$	7.51
Granted		564		$	5.79
Exercised		(74	)	$	3.50
Canceled or expired		(217	)	$	3.71
Outstanding at July 31, 2019		3,547		$	7.56

Restricted Stock Units (“RSUs”)

The following summarizes our RSUs transaction activity for the three months ended July 31, 2019:

	Shares			Weighted Average Grant Date Fair Value
		(in thousands)
Outstanding at May 1, 2019		200		$	4.32
Granted		194		$	5.91
Vested		(27	)	$	3.62
Forfeited		(6	)	$	4.31
Outstanding at July 31, 2019		361		$	5.23

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which eligible employees are allowed to purchase shares of our common stock through payroll deductions at a price equal to 85% of the lower of the fair market value our common stock as of the first trading day of the offering period or on the last trading day of the six-month offering period. Employee participants are limited to purchase no more than $25,000 of stock in any one calendar year. No shares of our common stock were purchased under the ESPP during the three months ended July 31, 2019 as the current six-month offering period ends on October 31, 2019. As of July 31, 2019, we had 1,196,261 shares of our common stock reserved for issuance under the ESPP.

Stock-Based Compensation

Stock-based compensation expense for the three months ended July 31, 2019 and 2018 was comprised of the following (in thousands):

	Three Months Ended July 31,
	2019		2018
Cost of revenues	$	187	$	85
Selling, general and administrative		416		212
Total stock-based compensation	$	603	$	297

As of July 31, 2019, the total estimated unrecognized compensation cost related to non-vested employee stock options and non-vested RSUs was $4.9 million and $1.8 million, respectively. These costs are expected to be recognized over weighted average vesting periods of 3.03 years and 3.55 years, respectively.