Stock-Based Compensation

3 Months Ended

Jul. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

E. Stock-Based Compensation

During the three months ended July 31, 2017 and 2016, we granted options for 872,000 and 333,000 shares of common stock, respectively. We recorded stock option compensation cost of approximately $316,000 and $388,000 and related income tax excess benefits of approximately $139,000 and $145,000 during the three months ended July 31, 2017 and 2016, respectively. We record stock-based compensation expense on a straight-line basis over the vesting period directly to additional paid-in capital.

During the three months ended July 31, 2017 and 2016, we issued 101,516 and 223,276 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, 2017 and 2016 based on market value at the exercise dates was approximately $207,000 and $856,000, respectively. As of July 31, 2017, unrecognized compensation cost related to unvested stock option awards approximated $3.4 million which we expect to recognize over a weighted average period of 1.68 years.