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Stock-Based Compensation (Tables)

12 Months Ended

May. 31, 2015

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


	2015					2014					2013
(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		4,752		$	17.58		5,517		$	17.19		7,511			16.65
Granted		97			42.95		130			32.21		1,034			20.83
Exercised		(758	)		17.24		(828	)		17.39		(2,858	)		17.18
Forfeited		(47	)		17.00		(67	)		16.13		(170	)		15.86

Outstanding, end of year		4,044			18.25		4,752			17.58		5,517			17.19

Exercisable at end of year		3,276			17.63		2,996			17.57		2,682			17.70

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, 2015
Outstanding		4,044		4.82	$	38,277
Exercisable		3,276		4.42		31,625

May 31, 2014
Outstanding		4,752		5.50	$	107,970
Exercisable		2,996		4.67		68,108

May 31, 2013
Outstanding		5,517		6.06	$	94,860
Exercisable		2,682		4.50		44,752

Summary of Non-Vested Stock Option Awards

The following table summarizes information about non-vested stock option awards for fiscal 2015:


	Number of Stock Options (in thousands)			Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning of year		1,756		$	6.38
Granted		97			15.98
Vested		(1,038	)		6.32
Forfeited		(47	)		6.33

Non-vested, end of year		768		$	7.66

Summarize of Restricted Common Share Activity

The following tables summarize our restricted common share activity for the years ended May 31:


	2015					2014					2013
(in thousands, except per share)	Restricted Common Shares			Weighted Average Grant Date Fair Value		Restricted Common Shares			Weighted Average Grant Date Fair Value		Restricted Common Shares			Weighted Average Grant Date Fair Value
Outstanding, beginning of year		573		$	28.36		399		$	18.74		513			17.08
Granted		240			40.05		380			33.14		121			20.76
Vested		(142	)		23.32		(185	)		17.17		(233	)		16.10
Forfeited		(36	)		32.62		(21	)		30.70		(2	)		22.09

Outstanding, end of year		635			33.65		573			28.36		399			18.74

Weighted average remaining contractual life of out standing restricted common shares (in years)		1.41					1.61					1.31
Aggregate intrinsic value of outstanding restricted common shares	$	17,269				$	23,112				$	13,701
Aggregate intrinsic value of restricted common shares vested during the year	$	5,400				$	7,499				$	5,559

Performance Shares Granted

The table below sets forth the performance shares we granted (at target levels) during fiscal 2015, fiscal 2014, and fiscal 2013:


(in thousands, except per share amounts)	2015		2014		2013
Granted		61		59		108
Weighted average grant date fair value, per share	$	42.71	$	33.33	$	22.08
Pre-tax stock-based compensation	$	2,611	$	1,958	$	2,383

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)	2015		2014		2013
Granted		97		130		1,034
Weighted average exercise price, per share	$	42.95	$	32.21	$	20.83
Weighted average grant date fair value, per share	$	17.96	$	12.92	$	7.71
Pre-tax stock-based compensation	$	1,553	$	1,539	$	7,165

Assumptions to Value Stock Options

The weighted average fair value of stock options granted in fiscal 2015, fiscal 2014 and fiscal 2013 was based on the Black-Scholes option pricing model with the following weighted average assumptions:


	2015			2014			2013
Assumptions used:
Dividend yield		1.88	%		2.28	%		2.95	%
Expected volatility		50.92	%		52.23	%		52.88	%
Risk-free interest rate		1.88	%		1.69	%		0.91	%
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 fiscal 2015, fiscal 2014, and fiscal 2013. 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.


(in thousands, except per share amounts)	2015		2014		2013
Granted		240		380		121
Weighted average grant date fair value, per share	$	40.05	$	33.14	$	20.77
Pre-tax stock-based compensation	$	8,660	$	11,307	$	2,299

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	1.60	%
Expected volatility	44.00	%
Risk-free interest rate	1.70	%

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


Dividend yield	2.28	%
Expected volatility	53.40	%
Risk-free interest rate	1.41	%