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Stock-Based Compensation
12 Months Ended
Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
 
The Company has various stock-based compensation plans. The Company issues restricted stock units ("RSUs") to key employees and non-employee directors. Total compensation expense related to stock-based awards for the fiscal years ended April 30, 2023, 2022, and 2021 was $7.4 million, $4.7 million, and $4.6 million, respectively. The Company recognizes stock-based compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award. The Company records forfeitures as they occur.
 
Stock Incentive Plans
 
At April 30, 2023, 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, 2023, there were 370,816 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.
 
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 2023, 2022, and 2021. The PBRSUs granted in fiscal 2023, 2022, and 2021 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, 2023, 2022, and 2021:
 PERFORMANCE-BASED RSUsSERVICE-BASED RSUsTOTAL RSUsWEIGHTED AVERAGE GRANT
DATE FAIR VALUE
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
Granted57,392 85,568 142,960 $76.97
Cancelled due to non-achievement of performance goals(1,975)— (1,975)$104.10
Settled in common stock(19,930)(23,242)(43,172)$71.47
Forfeited(12,561)(6,563)(19,124)$72.79
Issued and outstanding, April 30, 2022154,610 147,234 301,844 $69.10
Granted119,772 82,848 202,620 $51.77
Cancelled due to non-achievement of performance goals(38,454)— (38,454)$73.85
Settled in common stock(19,478)(49,916)(69,394)$63.12
Forfeited(16,620)(9,986)(26,606)$63.15
Issued and outstanding, April 30, 2023199,830 170,180 370,010 $61.77

As of April 30, 2023, there was $14.1 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 1.7 years.
For the fiscal years ended April 30, 2023, 2022, and 2021 stock-based compensation expense was allocated as follows:
(in thousands)202320222021
Cost of sales and distribution$2,154 $1,299 $1,461 
Selling and marketing expenses1,941 1,266 982 
General and administrative expenses3,301 2,143 2,155 
Stock-based compensation expense, before income taxes$7,396 $4,708 $4,598 

Restricted Stock Tracking Units:
 
During fiscal 2023, the Board approved grants of 11,945 cash-settled performance-based restricted stock tracking units ("RSTUs") and 6,490 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 expense recognized in fiscal years 2023, 2022, and 2021, and the liability as of April 30, 2023 and 2022, related to RSTUs is not significant.