Stock-Based Compensation

6 Months Ended

Oct. 31, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

E. Stock-Based Compensation

During the six months ended October 31, 2011 and 2010, we granted options for 350,000 and 526,357 shares of common stock, respectively. We recorded stock option compensation cost of approximately $302,000 and $248,000 and related income tax benefits of approximately $82,000 and $60,000 during the three months ended October 31, 2011 and 2010, respectively. We recorded stock option compensation cost of approximately $586,000 and $480,000 and related income tax benefits of approximately $153,000 and $115,000 during the six months ended October 31, 2011 and 2010, respectively. We record stock-based compensation expense on a straight-line basis over the vesting period directly to additional paid-in capital.

We classify cash flows resulting from the tax deductions in excess of the tax benefits initially recognized for those options (excess tax benefits) as financing cash flows. During the six months ended October 31, 2011 and 2010, we realized excess tax benefits of approximately $87,000 and $124,000, respectively.

During the six months ended October 31, 2011 and 2010, we issued 264,105 and 480,057 shares of common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the six months ended October 31, 2011 and 2010 based on market value at the exercise dates was approximately $751,000 and $1.3 million, respectively. As of October 31, 2011, unrecognized compensation cost related to unvested stock option awards approximated $2.9 million, which we expect to recognize over a weighted average period of 1.8 years.