Stockholders' Equity

9 Months Ended

Nov. 30, 2020

STOCKHOLDERS’ EQUITY

Common stock

The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:


	Common Stock			Treasury Stock
	Class A	Class B	Class 1	Class A	Class B
Balance at February 29, 2020	186,090,745	28,300,206	1,692,227	18,256,826	5,005,800

Conversion of shares	2,532	(2,532)	—	—	—
Exercise of stock options	—	—	2,576	(44,593)	—


Vesting of restricted stock units (1)	—	—	—	(76,019)	—
Vesting of performance share units (1)	—	—	—	(17,335)	—

Balance at May 31, 2020	186,093,277	28,297,674	1,694,803	18,118,879	5,005,800

Conversion of shares	684,808	(11,113)	(673,695)	—	—
Exercise of stock options	—	—	—	(781,075)	—
Employee stock purchases	—	—	—	(32,867)	—

Vesting of restricted stock units (1)	—	—	—	(3,514)	—


Balance at August 31, 2020	186,778,085	28,286,561	1,021,108	17,301,423	5,005,800


	Common Stock			Treasury Stock
	Class A	Class B	Class 1	Class A	Class B


Conversion of shares	417,966	(9,044)	(408,922)	—	—
Exercise of stock options	—	—	—	(110,717)	—


Vesting of restricted stock units (1)	—	—	—	(666)	—


Balance at November 30, 2020	187,196,051	28,277,517	612,186	17,190,040	5,005,800

Balance at February 28, 2019	185,740,178	28,322,419	1,149,624	18,927,966	5,005,800

Conversion of shares	133,667	(55)	(133,612)	—	—
Exercise of stock options	—	—	2,107	(173,725)	—


Vesting of restricted stock units (1)	—	—	—	(88,683)	—
Vesting of performance share units (1)	—	—	—	(29,015)	—
Cancellation of restricted shares	—	—	—	444	—
Balance at May 31, 2019	185,873,845	28,322,364	1,018,119	18,636,987	5,005,800
Share repurchases	—	—	—	265,593	—
Conversion of shares	6,267	(543)	(5,724)	—	—
Exercise of stock options	—	—	—	(258,628)	—
Employee stock purchases	—	—	—	(36,840)	—

Vesting of restricted stock units (1)	—	—	—	(2,148)	—


Balance at August 31, 2019	185,880,112	28,321,821	1,012,395	18,604,964	5,005,800


Conversion of shares	191,233	(2,215)	(189,018)	—	—
Exercise of stock options	—	—	—	(38,154)	—


Vesting of restricted stock units (1)	—	—	—	(242)	—


Balance at November 30, 2019	186,071,345	28,319,606	823,377	18,566,568	5,005,800

(1) Net of the following shares withheld to satisfy tax withholding requirements:


	For the Three Months Ended May 31,	For the Three Months Ended August 31,	For the Three Months Ended November 30,	For the Nine Months Ended November 30,
2020
Restricted Stock Units	37,506	187	240	37,933
Performance Share Units	9,433	—	—	9,433

2019
Restricted Stock Units	48,562	1,176	94	49,832
Performance Share Units	17,439	—	—	17,439

Stock repurchases

In January 2018, our Board of Directors authorized the repurchase of up to $3.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2018 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2018 Authorization have become treasury shares.

As of November 30, 2020, total shares repurchased under the 2018 Authorizations are as follows:


			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased
(in millions, except share data)

2018 Authorization	$	3,000.0	$	1,045.9	4,897,605

Subsequent event

In January 2021, our Board of Directors authorized the repurchase of up to $2.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2021 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. No shares have been repurchased under the 2021 Authorization. Shares repurchased under the 2021 Authorization will become treasury shares.