Stock-Based Compensation

3 Months Ended

Jul. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

E. Stock-Based Compensation

During the three months ended July 31, 2012 and 2011, we granted options for 270,000 and 274,000 shares of common stock, respectively. We recorded stock option compensation cost of approximately $391,000 and $284,000 and related income tax benefits of approximately $105,000 and $72,000 during the three months ended July 31, 2012 and 2011, 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 benefits generated by tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) as financing cash flows. During the three months ended July 31, 2012 and 2011, we realized excess tax benefits of approximately $44,000 and $78,000, respectively.

During the three months ended July 31, 2012 and 2011, we issued 95,856 and 170,548 shares of common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the three months ended July 31, 2012 and 2011 based on market value at the exercise dates was approximately $288,000 and $565,000, respectively. As of July 31, 2012, unrecognized compensation cost related to unvested stock option awards approximated $3.7 million, which we expect to recognize over a weighted average period of 1.9 years.