Stock Option Plan and Stock Based Compensation (Tables)

3 Months Ended

May. 31, 2015

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

The Company had the following stock option activity for the three months ended May 31, 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, 2015		374,823		$	15.95		5.7	$	210
Granted		43,426			13.69
Terminated		(20,000	)		16.42
Exercised		—			—

Outstanding at May 31, 2015		398,249		$	15.68		6.2	$	697

Exercisable at May 31, 2015		321,824		$	16.00		5.5	$	506

(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, 2015 and May 31, 2014:


	May 31,
	2015			2014
Expected volatility		24.06	%		29.25	%
Expected term (years)		3			3
Risk free interest rate		0.89	%		0.91	%
Dividend yield		4.92	%		4.11	%

Weighted average grant-date fair value	$	2.24		$	2.70

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 May 31,
	2015		2014
Total cash received	$	—	$	54
Income tax benefits		—		—
Total grant-date fair value		—		9
Intrinsic value		—		36

Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at May 31, 2015 and the changes during the three months ended May 31, 2015 are presented below:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at March 1, 2015		79,760		$	2.51
New grants		43,426			2.24
Vested		(46,761	)		2.58
Forfeited		—			—

Unvested at May 31, 2015		76,425		$	1.86

Restricted Stock Grants Activity

The Company had the following restricted stock grant activity for the three months ended May 31, 2015:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 2015		153,648		$	15.30
Granted		113,648			13.69
Terminated		—			—
Vested		(77,900	)		15.24

Outstanding at May 31, 2015		189,396		$	14.36