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Stock-Based Compensation (Tables)
12 Months Ended
May 31, 2014
Stock-Based Compensation Expense Included in Consolidated Statements of Income

The following table represents total stock-based compensation expense included in our Consolidated Statements of Income:

 

Year Ended May 31,

   2014     2013     2012  
(In thousands)                   

Selling, general and administrative expense

   $ 23,568     $ 17,145     $ 13,904  

Income tax (benefit)

     (7,776     (5,627     (4,921
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation cost

   $  15,792     $ 11,518     $ 8,983  
  

 

 

   

 

 

   

 

 

 
Summary of Weighted-Average Assumptions Related to Grants

The following is a summary of our weighted-average assumptions related to grants made during the last three fiscal years:

 

Year Ended May 31,

   2014     2013     2012  

Risk-free interest rate

     2.2      1.1      2.5 

Expected life of option

     7.5 yrs        7.5 yrs        7.5 yrs   

Expected dividend yield

     2.7      3.3      3.8 

Expected volatility rate

     26.1      28.2      29.5 
Summary of Option and Share-Based Payment Activity

The following table summarizes option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2014:

 

     2014  

Share-Based Payments

   Weighted
Average
Exercise Price
     Number of
Shares Under
Option
 

(Shares in thousands)

     

Balance at June 1

   $ 20.54        3,502  

Options granted

     33.80        540  

Options canceled/expired

     23.29        (47

Options exercised

     18.63        (776
     

 

 

 

Balance at May 31

     23.18        3,219  
     

 

 

 

Exercisable at May 31

   $ 20.04        1,806  
  

 

 

    

 

 

 

 

Stock Option Plans

   2014      2013      2012  

(In millions, except per share amounts)

        

Weighted-average grant-date fair value per share

   $ 7.38      $ 4.96      $ 4.69  

Intrinsic value of options exercised

   $ 15.6      $ 9.8      $ 7.0  

Tax benefit from options exercised

   $  5.2      $  3.5      $  1.4  

Fair value of SARS vested

   $ 2.0      $ 1.9      $ 2.0  
Employee Incentive Plan Twenty Zero Seven
 
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table sets forth awards and restricted stock units issued under the 2007 Plan for the year ended May 31, 2014:

 

     Weighted-Average
Grant-Date

Fair Value
     2014  

(Shares in thousands)

     

Balance at June 1

   $ 17.94        815  

Shares granted

     33.80        76  

Shares forfeited

     19.78        (20

Shares vested

     18.96        (14
     

 

 

 

Balance at May 31

   $ 19.27        857  
  

 

 

    

 

 

 
Directors Equity Incentive Plan 2003
 
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the share-based activity under the 2003 Plan during fiscal 2014:

 

     Weighted-Average
Grant-Date

Fair Value
     2014  

(Shares in thousands)

     

Balance at June 1

   $ 22.50        113  

Shares granted to Directors

     36.63        30  

Shares vested

     21.13        (45
     

 

 

 

Balance at May 31

   $ 27.48        98  
  

 

 

    

 

 

 
Performance Based Restricted Stock Awards
 
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the share-based performance-earned restricted stock (“PERS”) activity during the fiscal year ended May 31, 2014:

 

     Weighted-Average
Grant-Date

Fair Value
     2014  

(Shares in thousands)

     

Balance at June 1

   $ 22.31        1,454  

Shares granted

     35.11        507  

Shares forfeited

     24.42        (27

Shares vested

     19.30        (520
     

 

 

 

Balance at May 31

   $ 27.96        1,414  
  

 

 

    

 

 

 
Nonvested Shares
 
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the activity for all nonvested restricted shares during the year ended May 31, 2014:

 

     Weighted-Average
Grant-Date Fair
Value
     Number of
Shares
 

(Shares in thousands)

     

Balance at June 1

   $ 20.94        3,236  

Granted

     35.02        613  

Vested

     18.71        (682

Forfeited

     21.49        (107
     

 

 

 

Balance at May 31

   $ 24.24        3,060