Stock-Based Compensation

9 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

During the nine months ended January 31, 2022 and 2021, we granted options for 1,438,500 and 1,340,000 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 $1.1 million and $0.7 million and income tax benefits of approximately $326,682 and $232,882 from option exercises during the three months ended January 31, 2022 and 2021, respectively. We recorded stock option compensation cost of approximately $2.9 million and $1.9 million and income tax benefits of approximately $1.9 million and $0.5 million from option exercises during the nine months ended January 31, 2022 and 2021, respectively. We record stock-based compensation expense on a straight-line basis over the vesting period directly to additional paid-in capital.

During the nine months ended January 31, 2022 and 2021, we issued 678,129 and 462,321 shares of Class A common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the nine months ended January 31, 2022 and 2021 based on market value at the exercise dates was approximately $9.1 million and $2.8 million, respectively. As of January 31, 2022, unrecognized compensation cost related to unvested stock option awards approximated $13.1 million, which we expect to recognize over a weighted average period of two years.