Stock Option Plan and Stock Based Compensation (Tables)

9 Months Ended

Nov. 30, 2012

Stock Option Plan and Stock Based Compensation [Abstract]

Stock option activity

Stock Options

The Company had the following stock option activity for the nine months ended November 30, 2012:

	Number of Shares (exact quantity)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in  years)		Aggregate Intrinsic Value(a) (in thousands)
Outstanding at February 29, 2012		310,193		$	15.60		6.6	$	626
Granted		72,707			15.48
Terminated		(2,500	)		13.28
Exercised		(4,000	)		8.94
Outstanding at November 30, 2012		376,400		$	15.66		6.6	$	439
Exercisable at November 30, 2012		205,196		$	15.66		5.0	$	298

(a) Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the New York Stock Exchange over the applicable exercise price.

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 nine months ended November 30, 2012 and 2011:

	November 30,
	2012			2011
Expected volatility		37.02	%		43.76	%
Expected term (years)		3			3
Risk free interest rate		0.43	%		1.16	%
Dividend yield		4.42	%		3.66	%
Weighted average grant-date fair value	$	2.83		$	4.24

Summary of stock options exercised and tax benefits realized from stock based compensation

A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands):

	Three months ended November 30,				Nine months ended November 30,
	2012		2011		2012		2011
Total cash received	$	9	$	—	$	35	$	200
Income tax benefits		—		—		—		—
Total grant-date fair value		1		—		6		35
Intrinsic value		6		—		23		156

Summary of unvested stock options

A summary of the status of the Company’s unvested stock options at February 29, 2012, and changes during the nine months ended November 30, 2012 is presented below:

				Weighted
				Average
	Number			Grant Date
	of Options			Fair Value
Unvested at February 29, 2012		169,411		$	3.31
New grants		72,707			2.83
Vested		(70,914	)		3.13
Forfeited		—			—
Unvested at November 30, 2012		171,204		$	3.18

Restricted stock grant activity

The Company had the following restricted stock grant activity for the nine months ended November 30, 2012:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Outstanding at February 29, 2012		131,333		$	17.09
Granted		92,293			15.46
Terminated		—			—
Vested		(36,578	)		16.05
Outstanding at November 30, 2012		187,048		$	16.49