PREFERRED AND COMMON STOCK

Preferred stock The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares have been issued.

Common stock The Company currently has 120,000,000 authorized shares of common stock.

Stock incentive plans The 2009 Stock Incentive Plan (the “Plan”) was approved by the Board of Directors in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “Prior Plans”). There are 2,984,804 shares available for grant at April 30, 2018 under the Plan. Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one, and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two. Restricted stock is transferred to the employee or non-employee immediately upon grant, whereas restricted stock units have a vesting period that must expire before the stock is transferred. We account for stock-based compensation by estimating the fair value of stock options using the Black Scholes model, and value restricted stock unit awards granted under the Plan using market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. At April 30, 2018, stock options for 181,673 shares (which expire between fiscal years 2019 through 2022) were outstanding. All stock option shares issued are previously unissued authorized shares.

The following table summarizes the most recent compensation grants made during the three-year period ended April 30, 2018:



Date of Grant	Type of Grant	Shares Granted	Recipients	Vesting Date	Fair Value at Grant Date

June 5, 2015	Restricted Stock Units	104,200	Officers & Key employees	June 5, 2018	$9,135
June 5, 2015	Restricted Stock	48,913	Officers & Key employees	Immediate (Annual performance goal)	$4,288
September 18, 2015	Restricted Stock	7,748	Non-employee board members	Immediate	$856
April 12, 2016	Restricted Stock Units	10,000	CEO	20% each May 1, 2017-2021	$1,060
June 3, 2016	Restricted Stock Units	111,150	Officers & Key employees	June 3, 2019	$13,849
June 3, 2016	Restricted Stock	40,996	Officers & Key employees	Immediate (Annual performance goal)	$5,108
September 16, 2016	Restricted Stock	8,941	Non-employee board members	Immediate	$1,064
June 1, 2017	Restricted Stock Units	63,699	Key Employees	June 1, 2020	$7,388
July 14, 2017	Restricted Stock Units***	61,126	Officers	June 15, 2020	$6,912
September 28, 2017	Restricted Stock	8,344	Non-employee board members	Immediate	$920
March 29, 2018	Restricted Stock	2,150	Non-employee board members	September 21, 2018	$236

*** This grant of restricted stock units includes time-based, performance-based and market-based awards. The performance-based awards included in the figure above represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of the “target". The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of the "target". Total market-based expense of approximately $2.6 million will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions.

Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:



	Number of option shares		Weighted average option exercise price
Outstanding at April 30, 2015	401,800		$	36.55
Granted	—		—
Exercised	(108,100	)	34.37
Forfeited	(2,500	)	25.26
Outstanding at April 30, 2016	291,200		$	37.46
Granted	—		—
Exercised	(69,150	)	34.08
Forfeited	—		—
Outstanding at April 30, 2017	222,050		$	38.51
Granted	—		—
Exercised	(40,377	)	34.11
Forfeited	—		—
Outstanding at April 30, 2018	181,673		$	39.48

At April 30, 2018, all outstanding options had an aggregate intrinsic value of $10,376 and a weighted average remaining contractual life of 2.65 years. All options are vested as of April 30, 2018. The aggregate intrinsic value for the total of all options exercised during the year ended April 30, 2018 was $3,144.

At April 30, 2018, the range of exercise prices for outstanding options was $25.26 – $44.39. The number of shares and weighted average remaining contractual life of the options by range of applicable exercise prices at April 30, 2018 were as follows:



Number of shares	Weighted average exercise price	Weighted average remaining contractual life (years)
1,500	25.49	1.0
45,100	25.26	1.2
135,073	44.39	3.2
181,673

Information concerning the issuance of restricted stock units under the Plan is presented in the following table:




Unvested at April 30, 2015	193,930
Granted	114,200
Vested	(31,480	)
Forfeited	(3,750	)
Unvested at April 30, 2016	272,900
Granted	111,150
Vested	(73,000	)
Forfeited	(7,650	)
Unvested at April 30, 2017	303,400
Granted	126,980
Vested	(88,700	)
Forfeited	(2,699	)
Unvested at April 30, 2018	338,981

Total compensation costs recorded for the stock options, restricted stock, and restricted stock unit awards for the years ended April 30, 2018, 2017 and 2016 were $17,880, $10,697, and $7,413, respectively. As of April 30, 2018, there was $9,058 of total unrecognized compensation costs related to the Plan and Prior Plans for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2021.

During the fourth quarter of the fiscal year ended April 30, 2017, the Company began a share repurchase program, wherein the Company is authorized to repurchase up to an aggregate of $300 million of the Company's outstanding common stock. The share repurchase authorization is valid for a period of two years. The timing and number of repurchase transactions under the program depends on a variety of factors, including but not limited to market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The program can be suspended or discontinued at any time. From its inception on March 9, 2017, through the end of fiscal year 2018, the company repurchased 2,441,600 shares of its common stock under its open market share repurchase program, for approximately $264.8 million. As of April 30, 2018, the Company had a total remaining authorized amount for share repurchases of $35.2 million. The remaining repurchases were completed in May 2018.

During the fourth quarter of fiscal year ended April 30, 2018, the Board of Directors authorized an additional $300 million share repurchase program. No repurchases were made on that program in fiscal 2018.