Shareholders' Equity (Tables)

12 Months Ended

Apr. 30, 2015

Summary of Changes in Outstanding Options

A summary of changes in outstanding options for the year ended April 30, 2015 is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at May 1, 2014		2,894,072		$	7.59
Granted		349,000			9.61
Exercised		(490,912	)		5.55
Forfeited/cancelled		(31,091	)		7.70
Outstanding at April 30, 2015		2,721,069		$	8.21		3.3	$	4,103,941
Exercisable at April 30, 2015		1,203,369		$	7.62		2.5	$	2,526,142

Fair Value of Option Award Estimated Using Black-Scholes Option Pricing Model

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the years ended April 30, 2015, 2014, and 2013:

	2015			2014			2013
Dividend yield		4.0	%		4.0	%		4.3	%
Expected volatility		34.5	%		47.6	%		59.4	%
Risk-free interest rate		1.7	%		1.5	%		0.7	%
Expected term		5.0 years			5.0 years			4.3 years