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Preferred and Common Stock
 12 Months Ended
Apr. 30, 2020
Share-based Payment Arrangement [Abstract]  
Preferred And Common Stock 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 2018 Stock Incentive Plan (the “2018 Plan”), was approved by the Board in June 2018 and approved by the Company's shareholders on September 5, 2018 ("the "2018 Plan Effective Date"). The 2018 Plan replaced the 2009 Stock Incentive Plan (the "2009 Plan") under which no new awards are allowed to be granted as of the 2018 Plan Effective Date.
Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. There were 2,618,194 shares available for grant at April 30, 2020 under the 2018 Plan.
We account for stock-based compensation by estimating the grant date fair value of stock options using the Black Scholes model, and the fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock. For market based awards, we use a "Monte Carlo" approach to estimate the value of the awards, which simulates the prices of the Company’s and each member of the performance peer groups' common stock price at the end of the relevant performance period, taking into account volatility and the specifics surrounding each total shareholder return metric under the relevant plan. We recognize these amounts as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee and/or non-employee member of the Board.
The following table summarizes the equity-related grants made during the three-year period ended April 30, 2020:
Date of Grant
Type of Grant
Shares Granted
Recipients
Vesting Date
Fair Value at Grant Date
 
 
 
 
 
 
June 1, 2017
Restricted Stock Units
63,699

Key Employees
June 1, 2020
$7,388
July 14, 2017
Restricted Stock Units (1)
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 Units
2,150

Non-Employee Board Members
September 21, 2018
$236
May 24, 2018
Restricted Stock Units
88,846

Key Employees
May 24, 2021
$8,593
June 8, 2018
Restricted Stock Units (1)
75,402

Officers
June 8, 2021
$7,571
September 5, 2018
Restricted Stock Units
7,984

Non-Employee Board Members
2019 Annual Shareholders' Meeting Date
$920
June 4, 2019
Restricted Stock Units
75,959

Key Employees
June 4, 2022
$9,886
June 4, 2019
Restricted Stock Units (1)
59,579

Officers
June 4, 2022
$9,097
June 24, 2019
Restricted Stock Units (2)
32,786

CEO
Various (2)
$5,700
September 4, 2019
Restricted Stock Units
5,504

Non-Employee Board Members
2020 Annual Shareholders' Meeting Date
$919
December 23, 2019
Restricted Stock Units (3)
5,000

CEO
Various (3)
$788
Various (4)
Restricted Stock Units (4)
8,444

Officers
Various (4)
$1,368
Various (5)
Restricted Stock Units (5)
1,763

Officers
Various (5)
$354

(1) 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 $2.3 million for the 2017 grant, $2.6 million for the 2018 grant, and $3.1 million for the 2019 grant will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions.
(2) This grant of restricted stock units is comprised of time-based awards that vest ratably on each June 23, 2020 through 2022, along with a market-based award vesting June 23, 2022. The market-based award incorporates market conditions in determining fair value on the grant date and will range from 0% to 200% of the target. Total market-based expense of approximately $1.8 million will be recognized on a straight-line basis over the vesting period.
(3) This grant of restricted stock units is comprised of performance-based awards which are calculated based upon targets achieved over performance periods from January 1, 2020 to December 31, 2020. If the performance targets are met, the units vest ratably on each January 15, 2021 through 2023.
(4) These grants of restricted stock units were issued to various officers throughout the fiscal year. The grants were comprised of time-based awards and vest in accordance with the agreements, ranging from January 2021 to January 2023.
(5) These grants of restricted stock units were issued to various officers throughout the fiscal year. The grants 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 $177 will be recognized on a straight-line basis over the vesting period.
At April 30, 2020, stock options for 43,189 shares (which expire on June 23, 2021) were outstanding. All stock option shares issued are previously unissued authorized shares. Information concerning the issuance of stock options under the 2009 Plan is presented in the following table (no stock option awards have been granted under the 2018 Plan): 
 
Number
of option shares
 
Weighted
average option
exercise price
Outstanding at April 30, 2017
222,050

 
$
38.51

Exercised
(40,377
)
 
34.11

Outstanding at April 30, 2018
181,673

 
$
39.48

Exercised
(71,546
)
 
32.02

Forfeited
(300
)
 
25.26

Outstanding at April 30, 2019
109,827

 
$
44.39

Exercised
(66,638
)
 
44.39

Outstanding at April 30, 2020
43,189

 
$
44.39


At April 30, 2020, all outstanding options had an aggregate intrinsic value of $4,622 and a remaining contractual life of 1.17 years. The weighted average exercise price for all remaining outstanding options is $44.39. All options are vested as of April 30, 2020. The aggregate intrinsic value for the total of all options exercised during the year ended April 30, 2020 was $7,412.
Information concerning the issuance of restricted stock units under the 2018 Plan and the 2009 Plan is presented in the following table:
 
 
Unvested at April 30, 2017
303,400

Granted
126,980

Vested
(88,700
)
Forfeited
(2,699
)
Unvested at April 30, 2018
338,981

Granted
172,232

Vested
(104,166
)
Forfeited
(10,530
)
Performance Award Adjustments
(7,717
)
Unvested at April 30, 2019
388,800

Granted
189,035

Vested
(108,484
)
Forfeited
(25,146
)
Performance Award Adjustments
29,594

Unvested at April 30, 2020
473,799


Total compensation costs recorded for employees and non-employee board members for the stock options, restricted stock, and restricted stock unit awards for the years ended April 30, 2020, 2019 and 2018 were $18,129, $16,410, and $18,800, respectively. As of April 30, 2020, there was $17,022 of total unrecognized compensation costs related to the 2018 Plan and 2009 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2022.
During the fourth quarter of the fiscal year ended April 30, 2017, the Company began a share repurchase program, wherein the Company was authorized to repurchase up to an aggregate of $300 million of the Company's outstanding common stock. The share repurchase authorization was valid for a period of two years. From its inception on March 9, 2017, through May 2018, the company completed the $300 million authorization by repurchasing 2,794,192 shares of its common stock.
In March 2018, the Company announced a second share repurchase program with an aggregate $300 million share repurchase program. The share repurchase authorization was valid for a period of two years. On March 6, 2020, the authorization was extended through the end of the Company’s 2022 fiscal year. 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. No repurchases were made on that program in fiscal 2020.