Stock-Based Compensation

6 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

The Compensation Committee of our Board of Directors awarded RSUs to independent directors not employed by the Company that will vest, and shares of Class A common stock will be issued, on the first anniversary of the date of the grant. In addition, stock option grants for employees and contractors for Class A common shares were issued, as follows:


	Six Months Ended October 31,
	2024	2023
Awards granted:
Options	1,311,000	1,460,000
RSUs	83,587	95,411
Total awards granted	1,394,587	1,555,411

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and the fair value of each RSU award is estimated on the date of grant using the fair value method. The forfeiture rates are estimated using historical data. We recorded total compensation cost related to stock options of approximately $1.4 million and $1.3 million, and income tax expense of approximately $138,000 and $0 from option expirations during the three months ended October 31, 2024 and 2023, respectively. The Company recorded compensation cost related to RSUs of approximately $0.2 million and $0.3 million during the three months ended October 31, 2024 and 2023, respectively. We recorded total compensation cost related to stock options of approximately $2.6 million and $2.7 million, and income tax expense of approximately $556,000 and $0 from option expirations during the six months ended October 31, 2024 and 2023, respectively. The Company recorded compensation cost related to RSUs of approximately $0.6 million and $0.4 million during the six months ended October 31, 2024 and 2023, respectively. We record stock-based compensation expense on a straight-line basis over the vesting period directly to additional paid-in capital.

During the six months ended October 31, 2024 and 2023, we issued 0 and 22,253 shares of Class A common stock, respectively, resulting from the exercise of stock options. During the six months ended October 31, 2024 and 2023, we issued 95,613 and 0 shares of Class A common stock, respectively, resulting from the vesting of RSUs. The total intrinsic value of options exercised during the six months ended October 31, 2024 and 2023 based on market value at the exercise dates was approximately $0 and $40,000, respectively. The total intrinsic value of RSUs released during the six months ended October 31, 2024 and 2023 based on market value at the exercise dates was approximately $1.1 million and $0, respectively. As of October 31, 2024, unrecognized compensation cost related to unvested stock option and RSU awards approximated $14.2 million and $0.4 million, respectively which we expect to recognize over a weighted average period of 1.70 years.