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Note 11 - Share-based Compensation
9 Months Ended
Aug. 31, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

NOTE 11SHARE-BASED COMPENSATION

 

  

Three months ended August 31,

  

Nine months ended August 31,

 
  

2020

  

2019

  

2020

  

2019

 

Stock options

 $1,095  $928  $3,196  $2,765 

Performance share unit plan

  636   585   1,913   1,738 

Deferred share unit plan

  52   39   150   122 
  $1,783  $1,552  $5,259  $4,625 

 

Stock options

 

A summary of stock options outstanding as of August 31, 2020 and activity during the nine months ended August 31, 2020 are as follows:

 

  

Number of stock options (thousands)

  

Weighted- average exercise price per share

  

Weighted- average

remaining

contractual term

(years)

  

Aggregate

intrinsic

value

 

November 30, 2019

  12,527  $3.98         

Granted

  1,781   7.27         

Exercised

  (2,661)  4.01         

August 31, 2020

  11,647  $4.51   2.33  $71,012 

Vested and exercisable as of August 31, 2020

  6,966  $4.05   1.58  $45,163 

 

The following table summarizes other stock option-related information:

 

  

Nine months ended August 31,

 
  

2020

  

2019

 

Weighted-average assumptions used to value stock option awards:

        

Expected volatility

  46.2%  46.9%

Expected term of options (years)

  4   4 

Expected dividend rate

      

Risk-free interest rate

  1.5%  2.7%

Expected forfeiture rate

  3.1%  3.1%

Weighted-average grant-date fair value

 $2.71  $1.46 

Intrinsic value of options exercised

 $15,198  $14,872 

Cash received from options exercised

 $  $ 

 

As of August 31, 2020, the Company had $3,810 of unrecognized compensation cost related to 4,681,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.25 years.

 

Performance share units

 

A summary of PSU awards outstanding as of August 31, 2020 and activity during the nine months ended August 31, 2020 is as follows:

 

  

Number of PSU awards (thousands)

  

Weighted- average grant day fair value per award

  

Aggregate

intrinsic

value

 

November 30, 2019

  1,664  $3.76     

Granted

  452   6.92     

Vested

  (648)  6.96     

Performance adjustment

  216   6.96     

August 31, 2020

  1,684  $4.59  $23,041 

 

As of August 31, 2020, the Company had $3,779 of unrecognized compensation cost related to 1,684,000 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.25 years.

 

The following table summarizes other PSU-related information:

 

  

Nine months ended August 31,

 
  

2020

  

2019

 

Performance multiplier on PSUs vested

  150%  82%

Common shares issued (thousands)

  648   438 

Total fair value of common shares issued

 $2,855  $1,607 

Withholding tax paid on PSUs vested

 $1,652  $1,197