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Accounting for Stock-Based Compensation
9 Months Ended
Feb. 28, 2015
Accounting for Stock-Based Compensation  
Accounting for Stock-Based Compensation

 

Note 4 — Accounting for Stock-Based Compensation

 

Restricted Stock

 

In July 2014, as part of our annual long-term stock incentive compensation, we granted 192,250 shares of performance-based restricted stock and 95,956 shares of time-based restricted stock to eligible employees.  The grant date fair value per share for both grants was $26.08.  In June 2014, we also granted 45,000 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $24.50.  In the three-months ended February, 28, 2015, we granted 3,000 shares of time-based restricted stock with a grant date fair value of $25.36.  No other restricted stock was granted in fiscal 2015.  Expense charged to operations for restricted stock was $1.6 million and $1.2 million during the three months ended February 28, 2015 and 2014, respectively, and $4.3 million and $3.7 million during the nine months ended February 28, 2015 and 2014, respectively.

 

Stock Options

 

The total intrinsic value of stock options exercised during the nine-month periods ended February 28, 2015 and 2014 was $1.5 million and $3.8 million, respectively.   Expense charged to operations for stock options was $0.8 million and $1.0 million during the three months ended February 28, 2015 and 2014, respectively, and $2.2 million and $2.6 million during the nine months ended February 28, 2015 and 2014, respectively.