Stock Based Compensation (Tables)

3 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The Company had the following stock option activity for the three months ended May 31, 2024.

					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, 2024		52,500	$	19.88		10.0		—
Granted		—		—
Terminated		—		—
Exercised		—		—
Outstanding at May 31, 2024		52,500	$	19.88		8.9	$	60.4
Exercisable at May 31, 2024		17,497	$	19.88		8.9	$	20.1

Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at May 31, 2024 and the changes during the three months ended May 31, 2024 are presented below:

		Weighted
		Average
	Number	Grant Date
	of Options	Fair Value
Unvested at March 1, 2024	52,500	2.47
New grants	—	—
Vested	(17,497)	2.47
Forfeited	—	—
Unvested at May 31, 2024	35,003	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, 2024:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Outstanding at March 1, 2024		42,131		$	20.11
Granted		—			—
Terminated		—			—
Vested		(667	)		17.58
Outstanding at May 31, 2024		41,464		$	20.15

The following activity occurred with respect to the Company’s restricted stock units for the three months ended May 31, 2024:

	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, 2024		16,639		$	20.11		152,572		$	23.17
Granted (1)		122,303			19.43		238,494			20.37
Change due to performance achievement							61,337
Terminated		—			—		—			—
Vested		(16,639	)		20.11		(213,909	)		22.72
Outstanding at May 31, 2024		122,303		$	19.43		238,494		$	20.37

(1) The number of shares of time-based grants may, upon vesting, convert 50% into common stock and the remaining 50% into two incentive stock options for each RSU with an exercise price equal to the closing price of the Company's stock on that date for employees who have not met their stock ownership requirements. The number of shares of performance-based grants represents awards granted by the Company at the maximum achievement level of 130% of target payout. Actual shares that may be issued can range from 0% to 130% of target.