Stock Based Compensation (Tables)

3 Months Ended

May 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used and The Weighted Average Grant-Date Fair Value of The Stock Options Granted

The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the three months ended May 31, 2023.

	May 31,
	2023
Expected volatility	19.55%
Expected term (years)	3
Risk free interest rate	3.87%
Dividend Yield	4.94%
Weighted average grant-date fair value	$2.47

Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at May 31, 2023 and the changes during the three months ended May 31, 2023 are presented below:

		Weighted
		Average
	Number	Grant Date
	of Options	Fair Value
Unvested at March 1, 2023	—	—
New grants	52,500	2.47
Vested	—	—
Forfeited	—	—
Unvested at May 31, 2023	52,500	2.47

Summary of Restricted Stock Awards and Restricted Stock Units Activity

The following activity occurred with respect to the Company’s restricted stock awards for the three months ended May 31, 2023:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Outstanding at March 1, 2023		49,783		$	18.99
Granted		—			—
Terminated		—			—
Vested		(10,271	)		17.25
Outstanding at May 31, 2023		39,512		$	19.44

The following activity occurred with respect to the Company’s restricted stock units for the three months ended May 31, 2023:

	Time-based					Performance-based
				Weighted				Weighted
				Average				Average
	Number of			Grant Date		Number of		Grant Date
	Shares			Fair Value		Shares		Fair Value
Outstanding at March 1, 2023		33,274		$	20.11		233,819	$	23.17
Granted		—			—		—		—
Terminated		—			—		—		—
Vested		(16,635	)		20.11		—		—
Outstanding at May 31, 2023		16,639		$	20.11		233,819	$	23.17

Summary of Stock Option Activity

The Company had the following stock option activity for the three months ended May 31, 2023:

					Weighted
			Weighted		Average		Aggregate
	Number		Average		Remaining		Intrinsic
	of Shares		Exercise		Contractual		Value(a)
	(exact quantity)		Price		Life (in years)		(in thousands)
Outstanding at March 1, 2023		—	$	—		—		—
Granted		52,500		19.88
Terminated		—		—
Exercised		—		—
Outstanding at May 31, 2023		52,500	$	19.88		10		—
Exercisable at May 31, 2023		—		—		—		—