Stock-Based Compensation

12 Months Ended

Feb. 28, 2015

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

Stock-Based Compensation

Share-Based Compensation

The 2009 Stock Incentive Plan, the 2009 Non-Employee Director Stock Incentive Plan and the 2002 Omnibus Stock Incentive Plan (the Plans) provide for the issuance of 1,888,000, 250,000 and 3,400,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans, either in the form of incentive stock options, nonstatutory options or stock-settled stock appreciation rights (SARs), are granted with an exercise price equal to the fair market value of the Company’s stock at the date of award. Nonvested share awards and nonvested share unit awards are also included in these Plans. Outstanding SARs vested over a three-year period and outstanding options issued to non-employee directors vested at the end of six months. Outstanding options and SARs have a 10-year term. Nonvested share awards and nonvested share unit awards generally vest over a two, three or four-year period.

The 2002 Omnibus Stock Incentive Plan was terminated in June 2009; no new grants may be made under this plan, although exercises of SARs and options previously granted thereunder will still occur in accordance with the terms of the various grants.

Total stock-based compensation expense under all Plans included in the results of operations was $4.8 million for fiscal 2015, $4.7 million for fiscal 2014 and $4.4 million for 2013.

Stock Options and SARs

There were no options or SARs issued in fiscal 2015, 2014 or 2013.

The following table summarizes the award transactions under the Plans for the year ended February 28, 2015:

	Options/SARs Outstanding
	Number of Shares		Weighted Average Exercise  Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at March 1, 2014	847,852		$	13.88
Awards exercised	(223,257	)	19.38
Awards canceled	(500	)	11.86
Outstanding and exercisable at February 28, 2015	624,095		$	11.92	5.3 Years	$	21,178,150

Cash proceeds from the exercise of stock options were $1.2 million, $4.2 million and $2.3 million for fiscal 2015, 2014 and 2013, respectively. The aggregate intrinsic value of securities (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) exercised was $4.6 million in fiscal 2015, $6.2 million in fiscal 2014 and $2.5 million in fiscal 2013. The tax benefit realized for tax deductions from option exercises totaled $3.3 million, $2.6 million and $0.4 million for fiscal 2015, 2014 and 2013, respectively.

Nonvested Shares and Share Units

The Company's executive compensation program provides key employees selected by the Compensation Committee of the Board of Directors with long-term incentives using nonvested shares and nonvested share units. During fiscal 2015, 2014 and 2013, nonvested shares were issued based on performance against objectives and generally vest over three years. From fiscal 2010 through fiscal 2012, nonvested share units were issued at the beginning of each fiscal year, which gave the recipient the right to receive shares earned at the vesting date. The number of nonvested share units issued at grant was equal to the target number of nonvested share units and allowed for the right to receive an additional number of, or fewer, shares based on meeting pre-determined Company three-year performance goals.

The following table summarizes the nonvested share award transactions, including nonvested share units, for fiscal 2015:

	Nonvested Shares and Units
	Number of Shares and Units		Weighted Average Grant Date Fair Value
Nonvested at March 1, 2014	575,064		$	16.89
Granted(1)	186,468		28.45
Vested	(358,651	)	15.43
Canceled	(2,173	)	32.72
Nonvested at February 28, 2015	400,708		$	23.49

(1) Includes 40,735 of shares granted and immediately vested for achievement above target for the fiscal 2012-2014 performance period. Nonvested share units of 117,765 (at target) were previously granted in fiscal 2012 for this performance period.

At February 28, 2015, there was $5.2 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 22 months. The total fair value of shares vested during fiscal 2015 was $11.6 million.