Stock-Based Compensation

3 Months Ended

Jul. 31, 2019

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

Stock-Based Compensation

Stock-Based Compensation

During the three months ended July 31, 2019 and 2018, we granted options for 47,000 and 557,000 shares of Class A common stock, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The forfeiture rates are estimated using historical data. We recorded stock option compensation cost of approximately $0.4 million and $0.4 million and income tax benefits of approximately $62,000 and $0.3 million from option exercises during the three months ended July 31, 2019 and 2018, 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, 2019 and 2018, we issued 151,500 and 295,813 shares of Class A common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the three months ended July 31, 2019 and 2018 based on market value at the exercise dates was approximately $0.6 million and $1.7 million, respectively. As of July 31, 2019, unrecognized compensation cost related to unvested stock option awards approximated $4.5 million, which we expect to recognize over a weighted average period of 1.79 years.