Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2013

Summary of Stock Option Activity

The following tables summarize our stock option activity for the years ended May 31:

	2013					2012					2011
(in thousands, except per share)	Stock Options			Weighted Average Exercise Price		Stock Options			Weighted Average Exercise Price		Stock Options			Weighted Average Exercise Price
Outstanding, beginning of year		7,511		$	16.65		7,852		$	16.29		6,172		$	17.67
Granted		1,034			20.83		600			21.15		2,437			12.27
Exercised		(2,858	)		17.18		(675	)		16.87		(422	)		12.96
Expired		-			-		-			-		-			-
Forfeited		(170	)		15.86		(266	)		15.55		(335	)		16.00
Outstanding, end of year		5,517			17.19		7,511			16.65		7,852			16.29
Exercisable at end of year		2,682			17.70		4,404			17.72		3,917			18.24

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

	Number of Stock Options (in thousands)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
May 31, 2013
Outstanding		5,517		6.06	$	94,860
Exercisable		2,682		4.50		44,752
May 31, 2012
Outstanding		7,511		5.53	$	11,786
Exercisable		4,404		4.12		3,381
May 31, 2011
Outstanding		7,852		6.30	$	43,876
Exercisable		3,917		4.27		14,312

Summary of Non-Vested Stock Option Awards

The following table summarizes information about non-vested stock option awards for the year ended May 31, 2013:

	Number of Stock Options (in thousands)			Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning of year		3,107		$	5.52
Granted		1,034			6.93
Vested		(1,136	)		5.69
Forfeited		(170	)		5.35
Non-vested, end of year		2,835		$	5.96

Non-Qualified Stock Options

Non-Qualified Stock Options Granted

The table below sets forth the non-qualified stock options granted during each of the last three fiscal years. For each grant, the exercise price was equal to the closing market price of the underlying common shares at each respective grant date. The fair values of these stock options were based on the Black-Scholes option-pricing model, calculated at the respective grant dates. The calculated pre-tax stock-based compensation expense for these stock options, which is after an estimate of forfeitures, will be recognized on a straight-line basis over the respective vesting periods of the stock options.

(in thousands, except per share amounts)	2013		2012		2011
Granted		1,034		600		2,437
Weighted average exercise price, per share	$	20.83	$	21.15	$	12.27
Weighted average grant date fair value, per share	$	6.93	$	7.42	$	4.88
Pre-tax stock-based compensation	$	7,165	$	4,456	$	9,715

Assumptions To Value Stock Options

The weighted average fair value of stock options granted in fiscal 2013, fiscal 2012 and fiscal 2011 was based on the Black-Scholes option pricing model with the following weighted average assumptions:

	2013			2012			2011
Assumptions used:
Dividend yield		2.95	%		2.70	%		2.80	%
Expected volatility		52.88	%		51.70	%		53.80	%
Risk-free interest rate		0.91	%		1.90	%		2.10	%
Expected life (years)		6.0			6.0			6.0

Service-Based Restricted Common Shares

Service-Based Restricted Common Shares Granted

The table below sets forth the restricted common shares we granted during each of the last three fiscal years ended May 31. The fair values of these restricted common shares were equal to the closing market prices of the underlying common shares at their respective grant dates. The calculated pre-tax stock-based compensation expense for these restricted common shares will be recognized on a straight-line basis over their respective vesting periods.

	2013		2012		2011
Granted		121,400		514,974		26,100
Weighted average grant date fair value, per share	$	18.94	$	14.57	$	15.33
Pre-tax stock-based compensation (in thousands)	$	2,299	$	7,501	$	400

Market-Based Restricted Common Shares

Assumptions To Value Stock Options

The following assumptions were used to determine the grant-date fair value and the derived service period for these restricted common shares:

Dividend yield	2.3	%
Expected volatility	52.6	%
Risk-free interest rate	1.8	%