Stock-Based Compensation

9 Months Ended

Jan. 31, 2015

Stock-Based Compensation

F. Stock-Based Compensation

During the nine months ended January 31, 2015 and 2014, we granted options for 337,000 and 632,500 shares of common stock, respectively. We recorded stock option compensation cost of approximately $386,000 and $382,000 and related income tax benefits of approximately $141,000 and $125,000 during the three months ended January 31, 2015 and 2014, respectively. We recorded stock option compensation cost of approximately $1.2 million and $1.1 million and related income tax benefits of approximately $413,000 and $353,000 during the nine months ended January 31, 2015 and 2014, 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 nine months ended January 31, 2015 and 2014, we realized excess tax benefits of approximately $87,000 and $349,000, respectively.

During the nine months ended January 31, 2015 and 2014, we issued 149,646 and 549,804 shares of common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the nine months ended January 31, 2015 and 2014 based on market value at the exercise dates was approximately $575,000 and $2.0 million, respectively. As of January 31, 2015, unrecognized compensation cost related to unvested stock option awards approximated $3.3 million, which we expect to recognize over a weighted average period of 1.61 years.