Stock-Based Compensation

6 Months Ended

Oct. 31, 2013

Stock-Based Compensation

F. Stock-Based Compensation

During the six months ended October 31, 2013 and 2012, we granted options for 313,000 and 343,000 shares of common stock, respectively. We recorded stock option compensation cost of approximately $361,000 and $384,000 and related income tax benefits of approximately $117,000 and $110,000 during the three months ended October 31, 2013 and 2012, respectively. We recorded stock option compensation cost of approximately $700,000 and $775,000 and related income tax benefits of approximately $228,000 and $215,000 during the six months ended October 31, 2013 and 2012, 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, 2013 and 2012, we realized excess tax benefits of approximately $68,000 and $70,000, respectively.

During the six months ended October 31, 2013 and 2012, we issued 180,340 and 167,704 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, 2013 and 2012 based on market value at the exercise dates was approximately $450,000 and $472,000, respectively. As of October 31, 2013, unrecognized compensation cost related to unvested stock option awards approximated $3.6 million, which we expect to recognize over a weighted average period of 1.8 years.