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Stock-Based Compensation
 12 Months Ended
Apr. 30, 2021
Share-based Payment Arrangement [Abstract]  
Shareholders' Equity and Share-based Payments Stock-Based Compensation
 
The Company has had two types of stock-based compensation awards in effect for its employees and directors. The Company issued stock options until fiscal 2015 and has issued restricted stock units ("RSUs") since fiscal 2010. Total compensation expense related to stock-based awards for the fiscal years ended April 30, 2021, 2020, and 2019 was $4.6 million, $4.0 million, and $3.0 million, respectively.  The Company recognizes stock-based compensation costs net of an estimated forfeiture rate for those shares expected to vest on a straight-line basis over the requisite service period of the award. The Company estimates the forfeiture rates based upon its historical experience.
 
Stock Incentive Plans
 
At April 30, 2021, the Company had RSU awards outstanding under two different plans: (1) 2016 employee stock incentive plan; and (2) 2015 non-employee directors equity ownership plan.  As of April 30, 2021, there were 632,666 shares of common stock available for future stock-based compensation awards under the Company's stock incentive plans.

Methodology Assumptions
For purposes of determining the fair value of RSUs, the Company uses the closing stock price of its common stock as reported on the NASDAQ Global Select Market on the date of grant. The fair value of the Company's RSU awards is expensed on a straight-line basis over the vesting period of the RSUs to the extent the Company believes it is probable the related performance criteria, if any, will be met.  
 
Stock Option Activity
 
Stock options granted and outstanding under each of the Company's plans vest evenly over a three-year period and have contractual terms of ten years. The exercise price of all stock options granted is equal to the fair market value of the Company's common stock on the option grant date.

The Company did not grant stock options during the fiscal years ended April 30, 2021, 2020, and 2019. There were no stock options outstanding at April 30, 2021.
 
The following table presents a summary of the Company's stock option activity for the fiscal years ended April 30, 2021, 2020, and 2019 (remaining contractual term in years and exercise prices are weighted-averages):
 NUMBER OF OPTIONSWEIGHTED AVERAGE REMAINING CONTRACTUAL TERMWEIGHTED AVERAGE EXERCISE PRICEAGGREGATE INTRINSIC VALUE
(in thousands)
Outstanding at April 30, 201817,968 4.5$44.23$682 
Exercised(12,801)039.04651 
Outstanding at April 30, 20195,167 6.1$57.11$170 
Exercised(5,167)057.11— 
Outstanding at April 30, 2020— 0$—$— 
Exercised— 0—— 
Outstanding at April 30, 2021— 0$—$— 
Vested and expected to vest in the future at April 30, 2021— 0$—$— 
Exercisable at April 30, 2021— 0$—$— 

Cash received from option exercises for the fiscal years ended April 30, 2021, 2020, and 2019, was an aggregate of $0.0 million, $0.3 million, and $0.5 million, respectively.  The actual tax benefit realized for the tax deduction from option exercises of stock option awards was immaterial for the fiscal years ended April 30, 2021, 2020, and 2019, respectively.
 
Restricted Stock Unit Activity:
 
The Company's RSUs granted to employees cliff-vest over a three-year period from date of grant, while RSUs granted to non-employee directors vest daily over a two-year period from date of grant.  Directors were granted service-based RSUs only, while employees were awarded both service-based and performance-based RSUs ("PBRSUs") in fiscal years 2021, 2020, and 2019.  The PBRSUs granted in fiscal 2021, 2020, and 2019 are earned based on achievement of a number of goals pertaining to the Company's financial performance during three one-year performance periods and the achievement of certain cultural goals for the three-year period. Employees who satisfy the vesting criteria will receive a proportional amount of PBRSUs based upon the Compensation Committee's assessment of the Company's achievement of the performance criteria.
The following table contains a summary of the Company's RSU activity for the fiscal years ended April 30, 2021, 2020, and 2019:
 PERFORMANCE-BASED RSUsSERVICE-BASED RSUsTOTAL RSUsWEIGHTED AVERAGE GRANT
DATE FAIR VALUE
Issued and outstanding, April 30, 201897,651 55,059 152,710 $73.34
Granted45,615 30,335 75,950 $104.10
Cancelled due to non-achievement of performance goals(10,352)— (10,352)$80.26
Settled in common stock(34,475)(18,778)(53,253)$60.50
Forfeited(9,257)(5,347)(14,604)$79.49
Issued and outstanding, April 30, 201989,182 61,269 150,451 $76.91
Granted61,379 42,691 104,070 $53.95
Cancelled due to non-achievement of performance goals(11,305)— (11,305)$85.13
Settled in common stock(18,628)(21,521)(40,149)$67.03
Forfeited(2,941)(3,229)(6,170)$86.68
Issued and outstanding, April 30, 2020117,687 79,210 196,897 $66.68
Granted124,374 76,846 201,220 $66.00
Cancelled due to non-achievement of performance goals(17,461)— (17,461)$89.31
Settled in common stock(19,058)(27,208)(46,266)$88.57
Forfeited(73,858)(37,377)(111,235)$71.63
Issued and outstanding, April 30, 2021131,684 91,471 223,155 $64.81

As of April 30, 2021, there was $11.1 million of total unrecognized compensation expense related to unvested RSUs granted under the Company's stock-based compensation plans.  This expense is expected to be recognized over a weighted-average period of 1.8 years.
 
For the fiscal years ended April 30, 2021, 2020, and 2019 stock-based compensation expense was allocated as follows:
(in thousands)202120202019
Cost of sales and distribution$1,461 $809 $691 
Selling and marketing expenses982 1,006 649 
General and administrative expenses2,155 2,174 1,700 
Stock-based compensation expense, before income taxes$4,598 $3,989 $3,040 

Restricted Stock Tracking Units:
 
During fiscal 2021, the Board approved grants of 11,456 cash-settled performance-based restricted stock tracking units ("RSTUs") and 6,229 cash-settled service-based RSTUs for more junior level employees.  Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if applicable performance and cultural conditions are met and the recipient remains continuously employed with the Company until the units vest.  The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if they remain continuously employed with the Company until the units vest.  All of the RSTUs cliff-vest three years from the grant date.  The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $0.9 million, $0.0 million, and $0.5 million related to RSTUs for the fiscal years ended April 30, 2021, 2020, and 2019, respectively. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $1.0 million and $0.4 million as of April 30, 2021 and 2020, respectively.