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Stock-Based Compensation (Tables)
12 Months Ended
May. 31, 2015
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,

   2015      2014      2013  
(In thousands)                     

Selling, general and administrative expense

   $ 31,741      $ 23,568      $ 17,145  

Income tax (benefit)

     (10,027      (7,776      (5,627
  

 

 

    

 

 

    

 

 

 

Total stock-based compensation cost

$ 21,714   $ 15,792   $ 11,518  
  

 

 

    

 

 

    

 

 

 
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,

   2015     2014     2013  

Risk-free interest rate

     2.3     2.2     1.1

Expected life of option

     7.5 yrs        7.5 yrs        7.5 yrs   

Expected dividend yield

     2.2     2.7     3.3

Expected volatility rate

     25.7     26.1     28.2
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, 2015:

 

     2015  

Share-Based Payments

   Weighted
Average
Exercise Price
     Number of
Shares Under
Option
 
(Shares in thousands)              

Balance at June 1

   $ 23.18        3,219  

Options granted

     44.60        600  

Options canceled/expired

     —          —    

Options exercised

     20.50        (289
     

 

 

 

Balance at May 31

  27.04     3,530  
     

 

 

 

Exercisable at May 31

$ 21.93     2,111  
  

 

 

    

 

 

 

 

Stock Option Plans

   2015      2014      2013  
(In millions, except per share amounts)                     

Weighted-average grant-date fair value per share

   $ 10.63      $ 7.38      $ 4.96  

Intrinsic value of options exercised

   $ 3.3      $ 15.6      $ 9.8  

Tax benefit from options exercised

   $ 2.5      $ 5.2      $ 3.5  

Fair value of SARS vested

   $ 3.3      $ 2.0      $ 1.9  
Employee Incentive Plan 2007  
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, 2015:

 

     Weighted-Average
Grant-Date

Fair Value
     2015  
(Shares in thousands)              

Balance at June 1

   $ 19.27        857  

Shares granted

     44.60        67  

Shares exercised

     22.42        (65
     

 

 

 

Balance at May 31

$  21.04     859  
  

 

 

    

 

 

 
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 2015:

 

     Weighted-Average
Grant-Date

Fair Value
     2015  
(Shares in thousands)              

Balance at June 1

   $ 27.48        98  

Shares granted to Directors

     43.89        30  

Shares vested

     20.60        (36
     

 

 

 

Balance at May 31

$ 35.57     92  
  

 

 

    

 

 

 
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, 2015:

 

     Weighted-Average
Grant-Date

Fair Value
     2015  
(Shares in thousands)              

Balance at June 1

   $ 27.96        1,414  

Shares granted

     44.28        508  

Shares forfeited

     27.60        (8

Shares vested

     22.84        (473
     

 

 

 

Balance at May 31

$ 35.40     1,441  
  

 

 

    

 

 

 
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, 2015:

 

(Shares in thousands)    Weighted-Average
Grant-Date

Fair Value
     Number of
Shares
 

Balance at June 1

   $ 24.24        3,060  

Granted

     44.29        605  

Vested

     22.13        (664

Forfeited

     27.60        (7
     

 

 

 

Balance at May 31

$ 28.75     2,994