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Stock Option Plan and Stock Based Compensation (Tables)
 3 Months Ended
May 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

The Company had the following stock option activity for the three months ended May 31, 2013:

 

     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 28, 2013

      363,000      $ 15.79         6.4       $ 421   

Granted

      36,155        14.05         

Terminated

      (3,750 )      11.67         

Exercised

      —          —           
  

 

 

          

Outstanding at May 31, 2013

      395,405      $ 15.67         6.5       $ 762   
  

 

 

          

Exercisable at May 31, 2013

      283,194      $ 15.73         5.5       $ 572   
  

 

 

          

 

(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.
Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of 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, 2013 and May 31, 2012:

 

     May 31,  
     2013     2012  

Expected volatility

      30.41 %      37.02 % 

Expected term (years)

      3        3   

Risk free interest rate

      0.35 %      0.43 % 

Dividend yield

      4.63 %      4.42 % 

Weighted average grant-date fair value

    $ 1.96      $ 2.83   
Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at February 28, 2013, and changes during the three months ended May 31, 2013 is presented below:

 

     Number
of Options		     Weighted
Average
Grant Date
Fair Value		  

Unvested at February 28, 2013

      169,954      $ 3.20   

New grants

      36,155        1.96   

Vested

      (93,898 )      3.08   

Forfeited

      —          —     
  

 

 

    

Unvested at May 31, 2013

      112,211      $ 2.89   
  

 

 

    
Restricted Stock Grant Activity

The Company had the following restricted stock grant activity for the three months ended May 31, 2013:

 

     Number of
Shares		     Weighted
Average
Grant Date
Fair Value		  

Outstanding at February 28, 2013

      187,048      $ 16.49   

Granted

      55,607        14.05   

Terminated

      —          —     

Vested

      (55,530 )      16.55   
  

 

 

    

Outstanding at May 31, 2013

      187,125      $ 15.74