Note 8 - Stock Compensation Plans

12 Months Ended

Feb. 28, 2014

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

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

NOTE 8 - STOCK COMPENSATION PLANS

In FY 2014, shareholders approved the amendment of 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 28, 2014, 500,140 restricted stock units, 12,936 stock options and 24,000 unrestricted shares have been awarded under the 2007 Plan and 323,770 shares of common stock are available for award under the plan consisting of 300,000 shares originally authorized, 85,340 previously reserved for issuance under earlier plans, 300,000 shares authorized upon amendment and 170,189 shares forfeited under the 2007 Plan and suspended plans, less shares awarded under the Plan.

Under the 2004 Stock Option Plan (the “2004 Plan”), options to purchase up to 970,200 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 2004 plan and the 2007 plan. Options representing the right to purchase 142,944 and 12,936 shares of the Company’s common stock were outstanding under the 2004 Plan and the 2007 Plan, respectively, at February 28, 2014.

Information with respect to stock option awards outstanding under the plans at February 28, 2014, and changes for the three years then ended was as follows:

	Twelve Months Ended February 28 or 29:
	2014			2013			2012
Outstanding stock options at beginning of year:		270,945			307,088			341,890
Granted		-			-			12,936
Exercised		(26,340	)		(21,191	)		(45,113	)
Cancelled/forfeited		(88,725	)		(14,952	)		(2,625	)
Outstanding stock options as of February 28 or 29:		155,880			270,945			307,088
Weighted average exercise price	$	8.01		$	11.17		$	10.84
Weighted average remaining contractual term (in years)		0.45			1.94			2.76

Information with respect to restricted stock unit awards outstanding under the plans at February 28, 2014, and changes for the three years then ended was as follows:

	Twelve Months Ended February 28 or 29:
	2014			2013			2012
Outstanding non-vested restricted stock units at beginning of year:		57,030			101,980			141,260
Granted		280,900			-			4,540
Vested		(41,390	)		(44,190	)		(43,300	)
Cancelled/forfeited		(1,500	)		(760	)		(520	)
Outstanding non-vested restricted stock units as of February 28 or 29:		295,040			57,030			101,980
Weighted average grant date fair value	$	12.09		$	9.22		$	9.19
Weighted average remaining vesting period (in years)		4.99			1.14			2.00

Additional information about stock options outstanding at February 28, 2014 is summarized as follows: 

			Options Outstanding
Range of exercise prices			Number exercisable		Weighted average remaining contractual life in years		Weighted average exercise price
$7.408	to	7.415		142,942		0.30	$	7.41
$14.695				12,936		2.04	$	14.70