Share-Based Payments

12 Months Ended

Apr. 30, 2011

NOTE J: SHARE–BASED PAYMENTS

The Company provides for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units, deferred shares, deferred stock units, performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by the Company’s shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to the Company’s and its subsidiaries’ non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately. At April 30, 2011, there were 7,600,347 shares available for future issuance under this plan. As a result of this plan becoming effective in November 2010, no further awards will be made under the previously existing equity compensation plans.

Under the 2010 Equity and Incentive Compensation Plan, the Company has the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares.

Stock Options: The following table is a summary of the Company’s stock option activity and related information.


				Weighted-Average
	Options			Exercise Price

Outstanding at May 1, 2010		711,987		$	41.06
Exercised		(515,062	)		41.01

Outstanding and exercisable at April 30, 2011		196,925		$	41.18

At April 30, 2011, the weighted-average remaining contractual term for stock options outstanding and exercisable was approximately 2.6 years and the aggregate intrinsic value of these stock options was approximately $6,673.

The total intrinsic value of options exercised during 2011, 2010, and 2009 was approximately $13,355, $5,876, and $2,871, respectively.

Other Equity Awards: The following table is a summary of the Company’s restricted shares, deferred shares, deferred stock units, and performance units.


	Restricted/
	Deferred			Weighted-
	Shares and			Average					Weighted-
	Deferred			Grant Date		Performance			Average
	Stock Units			Fair Value		Units			Fair Value

Outstanding at May 1, 2010		1,078,722		$	44.74		190,010		$	57.37
Granted		303,863			58.32		125,360			77.53
Converted		190,010			57.37		(190,010	)		57.37
Vested		(373,522	)		47.33		—			—
Forfeited		(41,807	)		49.08		—			—

Outstanding at April 30, 2011		1,157,266		$	49.39		125,360		$	77.53

The total fair value of equity awards other than stock options vesting in 2011, 2010, and 2009 was approximately $17,680, $16,273, and $11,117, respectively. The weighted-average grant date fair value of restricted shares, deferred shares, deferred stock units, and performance units is the average of the high and the low share price on the date of grant. The following table summarizes the weighted-average grant date fair values of the equity awards granted in 2011, 2010, and 2009.

Restricted/

Deferred

Weighted-

Shares and

Average

Deferred

Grant Date

Performance

Grant Date

Stock Units

Fair Value

Units

Fair Value

2011

303,863

58.32

125,360

77.53

2010

504,580

44.63

190,010

57.37

2009

570,359

42.29

114,440

43.44

The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted stock generally vests four years from the date of grant or upon the attainment of a defined age and years of service.