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Equity Compensation Plans and Other Incentive Compensation (Tables)
12 Months Ended
May 31, 2024
Stock Option Activity

 

 

 

 

 

 

 

 

 

(option amounts in thousands)

 

Options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at May 31, 2021 (643 exercisable)

 

 

2,957

 

 

$

27.98

 

 

$

6.98

 

Granted

 

 

615

 

 

 

36.42

 

 

 

8.49

 

Exercised

 

 

(281

)

 

 

22.79

 

 

 

6.29

 

Forfeited

 

 

(47

)

 

 

33.93

 

 

 

8.02

 

Outstanding at May 31, 2022 (1,191 exercisable)

 

 

3,244

 

 

 

32.13

 

 

 

7.66

 

Granted

 

 

1,704

 

 

 

14.68

 

 

 

4.61

 

Exercised

 

 

(22

)

 

 

14.78

 

 

 

4.23

 

Forfeited

 

 

(704

)

 

 

29.81

 

 

 

7.26

 

Outstanding at May 31, 2023 (1,401 exercisable)

 

 

4,222

 

 

 

25.56

 

 

 

6.51

 

Granted

 

 

1,949

 

 

 

15.43

 

 

 

5.98

 

Exercised

 

 

(11

)

 

 

13.61

 

 

 

4.44

 

Forfeited

 

 

(1,224

)

 

 

30.27

 

 

 

7.26

 

Outstanding at May 31, 2024 (1,518 exercisable)

 

 

4,936

 

 

 

20.41

 

 

 

6.12

 

 

Summary of Stock Options Outstanding

The following is a summary of stock options outstanding at May 31, 2024:

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

(option amounts in thousands)

 

 

 

 

Contractual Life

 

 

Weighted-Average

 

 

 

 

 

Weighted-Average

 

Range of Exercise Price

 

Number

 

 

(in years)

 

 

Exercise Price

 

 

Number

 

 

Exercise Price

 

$12.20 - $20.00

 

 

3,399

 

 

 

5.9

 

 

$

14.64

 

 

 

515

 

 

$

13.73

 

$20.01 - $28.00

 

 

96

 

 

 

5.0

 

 

 

24.23

 

 

 

83

 

 

 

23.74

 

$28.01 - $36.00

 

 

1,140

 

 

 

1.3

 

 

 

31.89

 

 

 

795

 

 

 

32.03

 

$36.01 - $42.15

 

 

301

 

 

 

2.4

 

 

 

40.94

 

 

 

125

 

 

 

41.00

 

 

 

 

4,936

 

 

 

4.6

 

 

$

20.41

 

 

 

1,518

 

 

$

26.11

 

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options Intrinsic Value

Remaining compensation cost to be expensed in future periods for non-vested options was $14,427 at May 31, 2024, with a weighted average expense recognition period of 2.0 years.

 

 

Year Ended May 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Aggregate intrinsic value of options outstanding

 

$

55

 

 

$

6,154

 

 

$

850

 

Aggregate intrinsic value of options exercisable

 

$

5

 

 

$

42

 

 

$

817

 

Aggregate intrinsic value of options exercised

 

$

37

 

 

$

73

 

 

$

5,507

 

The fair value of stock options granted was estimated using the following weighted-average assumptions:

 

 

Year Ended May 31,

 

 

2024

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.7

%

 

 

3.3

%

 

 

0.4

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Expected stock volatility

 

 

37.3

%

 

 

34.0

%

 

 

32.8

%

Expected option life

 

4.5 years

 

 

4.5 years

 

 

3.12 years

 

Restricted Stock Units (RSUs) [Member]  
Schedule of Nonvested Restricted Stock Units Activity

(RSU amounts in thousands)

 

RSUs

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at May 31, 2022

 

 

257

 

 

$

36.14

 

Granted

 

 

596

 

 

 

13.83

 

Released

 

 

(60

)

 

 

35.14

 

Forfeited

 

 

(27

)

 

 

22.81

 

Outstanding at May 31, 2023

 

 

766

 

 

 

19.30

 

Granted

 

 

574

 

 

 

15.55

 

Released

 

 

(230

)

 

 

18.53

 

Forfeited

 

 

(149

)

 

 

19.98

 

Outstanding at May 31, 2024

 

 

961

 

 

 

17.17