STOCK-BASED COMPENSATION

9 Months Ended

Nov. 30, 2015

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

NOTE 9 – STOCK-BASED COMPENSATION

Stock-based compensation expense is included in the following captions of the unaudited consolidated income statements (in thousands):

	Three Months Ended				Nine Months Ended
	November 30,				November 30,
	2015		2014		2015		2014
Cost of revenues	$	51	$	65	$	170	$	176
Research and development		217		171		579		452
Selling		325		178		820		418
General and administrative		1,009		754		2,642		1,878
	$	1,602	$	1,168	$	4,211	$	2,924

Changes in the Company's outstanding stock options during the nine months ended November 30, 2015 were as follows (options in thousands):

			Weighted
	Number of		Average
	Options		Exercise Price
Outstanding at February 28, 2015	1,007		$	5.80
Granted	82			17.54
Exercised	(145	)		4.08
Forfeited or expired	(1	)		1.80
Outstanding at November 30, 2015	943		$	7.08
Exercisable at November 30, 2015	771		$	5.06

Changes in the Company's outstanding restricted stock shares, performance stock units (“PSUs”) and restricted stock units (“RSUs”) during the nine months ended November 30, 2015 were as follows (shares, PSUs and RSUs in thousands):

	Number of
	Restricted		Weighted
	Shares,		Average Grant
	PSUs and		Date Fair
	RSUs		Value
Outstanding at February 28, 2015	886		$	12.90
Granted	509			17.74
Vested	(389	)		9.49
Forfeited	(33	)		14.99
Outstanding at November 30, 2015	973		$	16.72

During the nine months ended November 30, 2015, the Company retained 141,634 shares of the vested restricted stock and RSUs to satisfy the minimum required statutory amount of employee withholding taxes.

As of November 30, 2015, there was $15.1 million of total unrecognized stock-based compensation cost related to outstanding nonvested equity awards that is expected to be recognized as expense over a weighted-average remaining vesting period of 2.9 years.