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Stock Option Plan and Stock Based Compensation (Tables)
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12 Months Ended |
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Feb. 28, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Stock Option Activity |
The Company had the following stock option activity for the three
years ended February 28, 2015:
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Number
of
Shares
(exact quantity) |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Life
(in years) |
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Aggregate
Intrinsic
Value(a)
(in thousands) |
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Outstanding at March 1, 2012
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310,193 |
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$ |
15.60 |
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6.6 |
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$ |
626 |
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Granted
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72,707 |
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15.48 |
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Terminated
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(11,400 |
) |
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13.57 |
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Exercised
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(8,500 |
) |
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8.94 |
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Outstanding at February 28, 2013
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363,000 |
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$ |
15.79 |
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6.4 |
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$ |
421 |
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Granted
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36,155 |
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14.05 |
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Terminated
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(7,750 |
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13.30 |
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Exercised
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(22,000 |
) |
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12.59 |
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Outstanding at February 28, 2014
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369,405 |
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$ |
15.86 |
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6.0 |
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$ |
416 |
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Granted
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31,418 |
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15.78 |
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Terminated
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(20,000 |
) |
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16.21 |
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Exercised
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(6,000 |
) |
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8.94 |
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Outstanding at February 28, 2015
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374,823 |
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$ |
15.95 |
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5.7 |
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$ |
210 |
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Exercisable at February 28, 2015
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295,063 |
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$ |
16.16 |
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5.0 |
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$ |
210 |
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| (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. |
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| 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
fiscal years ended 2015, 2014 and 2013:
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2015 |
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2014 |
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2013 |
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Expected volatility
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29.25 |
% |
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30.41 |
% |
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37.02 |
% |
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Expected term (years)
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3 |
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3 |
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3 |
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Risk free interest rate
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0.91 |
% |
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0.35 |
% |
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0.43 |
% |
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Dividend yield
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4.11 |
% |
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4.63 |
% |
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4.42 |
% |
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Weighted average grant-date fair value
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$ |
2.70 |
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$ |
1.96 |
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$ |
2.83 |
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| 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 for the three
fiscal years ended (in thousands):
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Fiscal years ended |
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2015 |
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2014 |
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2013 |
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Total cash received
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$ |
54 |
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$ |
94 |
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$ |
85 |
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Income tax (expense) benefit
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(106 |
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17 |
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66 |
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Total grant-date fair value
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9 |
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50 |
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13 |
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Intrinsic value
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36 |
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117 |
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54 |
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| Summary of Unvested Stock Options |
A summary of the status of the Company’s unvested stock
options at February 28, 2015, and changes during the fiscal
year ended February 28, 2015 is presented below:
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Number
of Options |
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Weighted
Average
Grant Date
Fair Value |
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Unvested at February 28, 2014
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112,211 |
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$ |
2.89 |
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New grants
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31,418 |
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2.70 |
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Vested
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(63,869 |
) |
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3.27 |
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Forfeited
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— |
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— |
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Unvested at February 28, 2015
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79,760 |
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$ |
2.51 |
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| Summary of Stock Options Outstanding |
The following table summarizes information about stock options
outstanding at the end of fiscal year 2015:
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Options Outstanding |
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Options Exercisable |
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Exercise Prices
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Number
Outstanding |
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Weighted Average
Remaining Contractual
Life (in Years) |
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Weighted
Average
Exercise Price |
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Number
Exercisable |
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Weighted
Average
Exercise Price |
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$8.94 to $8.94
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42,000 |
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4.2 |
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$ |
8.94 |
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42,000 |
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$ |
8.94 |
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14.05 to 16.42
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160,280 |
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6.9 |
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15.33 |
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80,520 |
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15.50 |
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17.57 to 19.69
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172,543 |
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5.0 |
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18.23 |
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172,543 |
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18.23 |
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374,823 |
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5.7 |
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15.95 |
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295,063 |
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16.16 |
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| Restricted Stock Grants Activity |
The Company had the following restricted stock grants activity for
each of the three fiscal years ended February 28, 2015:
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Number of
Shares |
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Weighted
Average
Grant Date
Fair Value |
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Outstanding at March 1, 2012
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131,333 |
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$ |
17.09 |
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Granted
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92,293 |
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15.46 |
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Terminated
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— |
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— |
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Vested
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(36,578 |
) |
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16.05 |
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Outstanding at February 28, 2013
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187,048 |
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$ |
16.49 |
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Granted
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55,607 |
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14.05 |
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Terminated
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— |
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— |
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Vested
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(61,753 |
) |
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16.40 |
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Outstanding at February 28, 2014
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180,902 |
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$ |
15.77 |
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Granted
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85,807 |
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15.78 |
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Terminated
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— |
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— |
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Vested
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(113,061 |
) |
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16.42 |
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Outstanding at February 28, 2015
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153,648 |
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$ |
15.30 |
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