Note 8 - Stock Compensation Plans

12 Months Ended

Feb. 29, 2012

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

NOTE 8 - STOCK COMPENSATION PLANS

In FY 2008, shareholders approved the 2007 Equity Incentive Plan (the “2007 Plan”).  The 2007 Plan allows awards of stock options; stock appreciation rights; stock awards, restricted stock and stock units; performance shares and performance units; other stock or cash based awards.  As of February 29, 2012, 219,240 restricted stock units, 12,936 stock options and 16,000 unrestricted shares have been awarded under the 2007 Plan and 201,416 shares of common stock is available for award under the plan consisting of 300,000 shares originally authorized, 85,340 previously reserved for issuance under earlier plans and 64,252 shares forfeited under the 2007 Plan and suspended plans, less shares awarded under the Plan.

Under the 1995 Stock Option Plan (the “1995 Plan”), the 2004 Stock Option Plan (the “2004 Plan”), the Nonqualified Stock Option Plan for Nonemployee Directors (the “Director’s Plan”) and the 2000 Nonqualified Stock Option Plan for Nonemployee Directors (the “2000 Director’s Plan”), options to purchase up to 970,200, 441,000, 279,720 and 291,060 shares, respectively, of the Company’s common stock were previously authorized to be granted at prices not less than market value at the date of grant. Options granted may not have a term exceeding ten years under the 1995 plan, the 2004 plan and the Director’s Plan. Options granted may not have a term exceeding five years under the 2000 Director’s Plan. Options representing the right to purchase 18,191, 266,259, 0, 9,702, and 12,936 shares of the Company’s common stock were outstanding under the 1995 Plan, the 2004 Plan, the Director’s Plan, the 2000 Director’s Plan, and the 2007 Plan, respectively, at February 29, 2012. On February 21, 2006, the Company accelerated the vesting of all outstanding stock options in order to prevent past option grants from having an impact on future results. The options outstanding under these plans will expire, if not exercised through February 2016.

Information with respect to stock option awards outstanding under the plans at February 29, 2012, and changes for the three years then ended was as follows:

	Twelve Months Ended
	February 28 or 29:
	2012			2011			2010
Outstanding stock options at beginning of year:		341,890			367,762			371,437
Granted		12,936			-			-
Exercised		(45,113	)		(6,468	)		-
Cancelled/forfeited		(2,625	)		(19,404	)		(3,675	)
Outstanding stock options as of February 28 or 29:		307,088			341,890			367,762
Weighted average exercise price	$	10.84		$	9.83		$	9.92
Weighted average remaining contractual term (in years)		2.76			3.36			4.10

Information with respect to restricted stock unit awards outstanding under the plans at February 29, 2012, and changes for the three years then ended was as follows:

	Twelve Months Ended
	February 28 or 29:
	2012			2011			2010
Outstanding non-vested restricted stock units at beginning of year:		141,260			129,280			165,400
Granted		4,540			44,300			-
Vested		(43,300	)		(32,320	)		(33,080	)
Cancelled/forfeited		(520	)		-			(3,040	)
Outstanding non-vested restricted stock units as of February 28 or 29:		101,980			141,260			129,280
Weighted average grant date fair value	$	9.19		$	9.17		$	9.04
Weighted average remaining vesting period (in years)		2.00			2.96			3.41

Additional information about stock options outstanding at February 29, 2012 is summarized as follows:

	Options Outstanding
Range of exercise prices	Number exercisable		Weighted average remaining contractual life		Weighted average exercise price
$3.298		18,191		1.23	$	3.30
$7.408 to $7.415		172,284		2.30	$	7.41
$13.162 to $20.571		116,613		3.66	$	17.09