Stock Option Plan and Stock Based Compensation (Tables)

6 Months Ended

Aug. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The Company had the following stock option activity for the six months ended August 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		(7,750	)		13.30
Exercised		(5,000	)		8.94

Outstanding at August 31, 2013		386,405		$	15.77		6.3	$	881

Exercisable at August 31, 2013		274,194		$	15.86		5.4	$	626

(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 six months ended August 31, 2013 and August 31, 2012:


	August 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 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				Six months ended
	August 31,				August 31,
	2013		2012		2013		2012
Total cash received	$	45	$	26	$	45	$	26
Income tax benefits		—		—		—		—
Total grant-date fair value		8		5		8		5
Intrinsic value		46		17		46		17

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 six months ended August 31, 2013 is presented below:


				Weighted
				Average
	Number			Grant Date
	of Options			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 August 31, 2013		112,211		$	2.89

Restricted Stock Grant Activity

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


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Outstanding at February 28, 2013		187,048		$	16.49
Granted		55,607			14.05
Terminated		—			—
Vested		(61,753	)		16.40

Outstanding at August 31, 2013		180,902		$	15.77