Stock Option Plan and Stock Based Compensation (Tables)

12 Months Ended

Feb. 28, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company had the following stock option activity for the three years ended February 28, 2015:


	Number of Shares *(exact quantity)*			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life *(in years)*		Aggregate Intrinsic Value(a) *(in thousands)*
Outstanding at March 1, 2012		310,193		$	15.60		6.6	$	626
Granted		72,707			15.48
Terminated		(11,400	)		13.57
Exercised		(8,500	)		8.94


Outstanding at February 28, 2013		363,000		$	15.79		6.4	$	421
Granted		36,155			14.05
Terminated		(7,750	)		13.30
Exercised		(22,000	)		12.59


Outstanding at February 28, 2014		369,405		$	15.86		6.0	$	416
Granted		31,418			15.78
Terminated		(20,000	)		16.21
Exercised		(6,000	)		8.94

Outstanding at February 28, 2015		374,823		$	15.95		5.7	$	210


Exercisable at February 28, 2015		295,063		$	16.16		5.0	$	210

(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 fiscal years ended 2015, 2014 and 2013:


	2015			2014			2013
Expected volatility		29.25	%		30.41	%		37.02	%
Expected term (years)		3			3			3
Risk free interest rate		0.91	%		0.35	%		0.43	%
Dividend yield		4.11	%		4.63	%		4.42	%
Weighted average grant-date fair value	$	2.70		$	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 for the three fiscal years ended (in thousands):


	Fiscal years ended
	2015			2014		2013
Total cash received	$	54		$	94	$	85
Income tax (expense) benefit		(106	)		17		66
Total grant-date fair value		9			50		13
Intrinsic value		36			117		54

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:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at February 28, 2014		112,211		$	2.89
New grants		31,418			2.70
Vested		(63,869	)		3.27
Forfeited		—			—

Unvested at February 28, 2015		79,760		$	2.51

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at the end of fiscal year 2015:


	Options Outstanding						Options Exercisable
Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$8.94 to $8.94		42,000		4.2	$	8.94		42,000	$	8.94
14.05 to 16.42		160,280		6.9		15.33		80,520		15.50
17.57 to 19.69		172,543		5.0		18.23		172,543		18.23

		374,823		5.7		15.95		295,063		16.16

Restricted Stock Grants Activity

The Company had the following restricted stock grants activity for each of the three fiscal years ended February 28, 2015:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 2012		131,333		$	17.09
Granted		92,293			15.46
Terminated		—			—
Vested		(36,578	)		16.05

Outstanding at February 28, 2013		187,048		$	16.49
Granted		55,607			14.05
Terminated		—			—
Vested		(61,753	)		16.40

Outstanding at February 28, 2014		180,902		$	15.77
Granted		85,807			15.78
Terminated		—			—
Vested		(113,061	)		16.42

Outstanding at February 28, 2015		153,648		$	15.30