Stock Option Plan and Stock Based Compensation (Tables)

9 Months Ended

Nov. 30, 2016

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

The Company had the following stock option activity for the nine months ended November 30, 2016:


	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, 2016		370,949		$	15.38		5.9	$	1,616
Granted		—			—
Terminated		(5,000	)		8.94
Exercised		(193,453	)		15.04

Outstanding at November 30, 2016		172,496		$	15.95		4.5	$	208

Exercisable at November 30, 2016		167,423		$	16.00		4.4	$	199

(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 nine months ended November 30, 2015:


	November 30, 2015
Expected volatility		24.06	%
Expected term (years)		3
Risk free interest rate		0.89	%
Dividend yield		4.92	%
Weighted average grant-date fair value	$	2.24

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 November 30,				Nine months ended November 30,
	2016		2015		2016		2015
Total cash received	$	—	$	—	$	2,910	$	—
Income tax benefits		—		—		—		—
Total grant-date fair value		—		—		532		—
Intrinsic value		—		—		969		—

Summary of Unvested Stock Options

A summary of the Company’s unvested stock options at November 30, 2016 and the changes during the nine months ended November 30, 2016 are presented below:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at March 1, 2016		76,425		$	2.32
New grants		—			—
Vested		(71,352	)		2.32
Forfeited		—			—

Unvested at November 30, 2016		5,073		$	2.41

Restricted Stock Grant Activity

The Company had the following restricted stock grant activity for the nine months ended November 30, 2016:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 2016		189,396		$	14.36
Granted		66,685			19.49
Terminated		—			—
Vested		(89,535	)		14.46

Outstanding at November 30, 2016		166,546		$	16.35