Stock-Based Compensation

6 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

The Company has various stock-based compensation plans. During the three-months ended October 31, 2021, the Board of Directors of the Company approved grants of 10,320 service-based restricted stock units ("RSUs") to non-employee directors. These service-based RSUs (i) vest daily through the end of the two-year vesting period as long as the recipient continuously remains a member of the Board and (ii) entitle the recipient to receive one share of the Company's common stock per unit

vested. During the six-months ended October 31, 2021, the Board of Directors of the Company also approved grants of service-based RSUs and performance-based RSUs to key employees. The performance-based RSUs totaled 57,476 units and the service-based RSUs totaled 30,984 units. The performance-based RSUs 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 RSUs 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. All of the Company's RSUs granted to employees cliff-vest three years from the grant date.

For the three- and six-month periods ended October 31, 2021 and 2020, stock-based compensation expense was allocated as follows:


	Three Months Ended				Six Months Ended
	October 31,				October 31,
(in thousands)	2021		2020		2021		2020
Cost of sales and distribution	$	326	$	409	$	675	$	708
Selling and marketing expenses	343		354		662		333
General and administrative expenses	547		503		1,056		1,186
Stock-based compensation expense	$	1,216	$	1,266	$	2,393	$	2,227

During the six months ended October 31, 2021, the Company also approved grants of 5,794 cash-settled performance-based restricted stock tracking units ("RSTUs") and 3,096 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 one share of the Company's common stock as of the payment date if applicable performance 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 one share of the Company's 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. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. 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 $0.1 million and $0.2 million for the three-month periods ended October 31, 2021 and 2020, respectively, and $0.0 million and $0.4 million for the six-month periods ended October 31, 2021 and 2020, respectively. A liability for payment of the RSTUs is included in other long-term liabilities on the condensed consolidated balance sheets in the amount of $0.7 million and $1.0 million as of October 31, 2021 and April 30, 2021, respectively.