Equity (Tables)

12 Months Ended

May 31, 2023

Equity

Schedule of assumptions used in the Black-Scholes option pricing model to estimate the fair value of stock option grant

	Stock Options Granted In Fiscal Year
	2023		2022		2021
Risk-free interest rate	3.1	%	0.8	%	0.4	%
Expected volatility of common stock	42.2	%	41.6	%	40.2	%
Dividend yield	0.0	%	0.8	%	1.6	%
Expected option term in years	5.2		5.3		4.8

Schedule of stock option activity

A summary of stock option activity for the three years ended May 31, 2023 consisted of the following (shares in thousands):

	2023			2022			2021
		Weighted			Weighted			Weighted
		Average			Average			Average
	Shares	Exercise Price		Shares	Exercise Price		Shares	Exercise Price
Outstanding at beginning of year	2,045	$	29.86	2,612	$	28.34	1,851	$	32.74
Granted	222		41.88	145		37.84	936		18.94
Exercised	(631)		25.31	(686)		25.53	(110)		23.93
Cancelled	(63)		33.25	(26)		36.17	(65)		25.59
Outstanding at end of year	1,573	$	33.24	2,045	$	29.86	2,612	$	28.34
Options exercisable at end of year	1,018	$	35.09	1,189	$	33.57	1,371	$	31.56

The weighted-average remaining term (in years) for options outstanding at the end of the year was 6.2 years, 6.7 years, and 7.1 years at May 31, 2023, 2022, and 2021, respectively. The weighted-average remaining term (in years) for options exercisable at the end of the year was 5.2 years, 5.7 years, and 5.5 years at May 31, 2023, 2022, and 2021, respectively.

Schedule of restricted share activity

Restricted share activity during fiscal 2023 was as follows (shares in thousands):

		Weighted Average
	Number of	Fair Value
	Shares	on Grant Date
Nonvested at May 31, 2022	554	$	38.95
Granted	197		42.01
Vested	(97)		39.43
Forfeited	(82)		36.33
Nonvested at May 31, 2023	572		43.92