Equity (Tables)

9 Months Ended

Jan. 31, 2024

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:


		For the Nine Months ended January 31,
		2024				2023
Grant date fair market value
American Outdoor Brands, Inc.		$	8.79			$	12.70
Russell 2000 Index		$	1,769.21			$	1,882.91
Volatility (a)
American Outdoor Brands, Inc.			45.53	%			49.04	%
Russell 2000 Index			27.08	%			31.75	%
Correlation coefficient (b)			0.48				0.50
Risk-free interest rate (c)			3.81	%			2.91	%
Dividend yield (d)			0	%			0	%

(a)

Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)

The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)

The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)

We do not expect to pay dividends in the foreseeable future.

Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP

The following assumptions were used in valuing ESPP purchases under our ESPP during the nine months ended January 31, 2024 and 2023:


		For the Nine Months ended January 31,
		2024				2023
Risk-free interest rate		5.46% - 5.53%				3.97% - 4.01%
Expected term		6 months - 12 months				6 months - 12 months
Expected volatility		43.2% - 48.9%				51.9% - 58.4%
Dividend yield			0	%			0	%

RSUs and PSUs | 2020 Incentive Compensation Plan

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the nine months ended January 31, 2024 and 2023 is as follows:


		For the Nine Months Ended January 31,
		2024								2023
						Weighted								Weighted
		Total # of				Average				Total # of				Average
		Restricted				Grant Date				Restricted				Grant Date
		Stock Units				Fair Value				Stock Units				Fair Value
RSUs and PSUs outstanding, beginning of period			560,579			$	13.36				349,774			$	15.93
Awarded			395,384				8.69				323,375				10.87
Vested			(174,415	)			11.69				(123,223	)			13.33
Forfeited			(116,555	)			12.58				(7,094	)			15.22
RSUs and PSUs outstanding, end of period			664,993			$	11.16				542,832			$	13.51