SHARE-BASED COMPENSATION:
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Nov. 30, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | SHARE-BASED COMPENSATION: The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units and employee stock purchases, based on estimated fair values. The Company recorded share-based compensation expense in "Selling, general and administrative expenses" for fiscal years 2013, 2012 and 2011 as follows:
Valuation Assumptions The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period in the Company’s financial statements. The Company uses the Black-Scholes valuation model to estimate fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock. The following assumptions were used in the Black-Scholes valuation model in fiscal years 2013, 2012 and 2011:
A summary of the activities under the Company’s stock option plan is set forth below:
Employee Stock Options The weighted-average grant-date fair values of the stock options granted during fiscal years 2013, 2012 and 2011 were $23.62, $12.75, and $10.68, respectively. As of November 30, 2013, 936 options were outstanding and expected to vest with a weighted average life of 5.56 years, a weighted average exercise price of $26.88 per option and an aggregate pre-tax intrinsic value of $36,750. As of November 30, 2013, 688 options were vested and exercisable with a weighted average life of 4.56 years, a weighted average exercise price of $23.19 per share and aggregate pre-tax intrinsic value of $29,579. The cash received from the exercise of options and the intrinsic values of options exercised during fiscal years 2013, 2012 and 2011 were as follows:
The Company settles employee stock option exercises with newly issued common shares. As of November 30, 2013, the unamortized share-based compensation expense related to unvested stock options under the Amended and Restated 2003 and 2013 Stock Incentive Plan was $3,645 which will be recognized over an estimated weighted-average amortization period of 3.52 years. Restricted Stock Awards and Restricted Stock Units A summary of the changes in the Company's nonvested restricted stock awards and stock units during the fiscal year 2013 is presented below:
As of November 30, 2013, there was $19,149 of total unamortized share-based compensation expense related to nonvested restricted stock awards and stock units granted under the Amended and Restated 2003 and 2013 Stock Incentive Plan. That cost is expected to be recognized over an estimated weighted-average amortization period of 3.31 years. |