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Stock-Based Compensation
3 Months Ended
Jul. 31, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

NOTE D--STOCK-BASED COMPENSATION

 

The Company has various stock compensation plans.  During the quarter ended July 31, 2012, the Board of Directors of the Company approved grants of non-statutory stock options and service-based and performance-based restricted stock units to key employees.  The Company granted non-statutory stock options to key employees for 125,000 shares of the Company’s common stock with an exercise price of $17.62 per share. The options vest evenly over a three-year period and have a ten-year contractual term. The Company granted 129,075 employee performance-based restricted stock units and 43,025 employee service-based restricted stock units.  The performance-based restricted stock units entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest.  The service-based units entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company until the units vest.  The Company’s restricted stock units granted to employees cliff-vest three years from the grant date.

 

For the three-month periods ended July 31, 2012 and 2011, stock-based compensation expense was allocated as follows:

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

July 31,

(in thousands)

 

 

2012

 

 

2011

Cost of sales and distribution

 

$

177

 

$

160

Selling and marketing expenses

 

 

241

 

 

202

General and administrative expenses

 

 

567

 

 

617

Stock-based compensation expense

 

$

985

 

$

979