Shareholders' Equity (Tables)

12 Months Ended

Apr. 30, 2018

Summary of Changes in Outstanding Options

A summary of changes in outstanding options for the year ended April 30, 2018 is as follows:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at May 1, 2017		3,079,146		$	9.00
Granted		1,208,000			11.24
Exercised		(984,310	)		8.74
Forfeited		(27,000	)		9.36

Outstanding at April 30, 2018		3,275,836		$	9.90		3.7	$	9,368,422

Exercisable at April 30, 2018		965,416		$	9.07		2.4	$	3,563,542

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, 2018, 2017, and 2016:


	2018			2017			2016
Dividend yield		3.9	%		4.0	%		4.9	%
Expected volatility		28.9	%		32.7	%		33.6	%
Risk-free interest rate		1.9	%		1.2	%		1.5	%
Expected term		5.0 years			5.0 years			5.0 years