Stock-Based Compensation

6 Months Ended

May. 31, 2015

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

Stock-Based Compensation

Stock-Based Compensation

Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the six months ended May 31, 2015:

	Options		Weighted Average Exercise Price
Options outstanding at beginning of period	11,735,042		$	20.45
Granted	—		—
Exercised	(2,000	)	12.50
Cancelled	(63,675	)	15.53
Options outstanding at end of period	11,669,367		$	20.48
Options exercisable at end of period	10,103,406		$	21.32

As of May 31, 2015, the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.6 years and 3.9 years, respectively. There was $3.9 million of total unrecognized compensation expense related to unvested stock option awards as of May 31, 2015. For the three months ended May 31, 2015 and 2014, stock-based compensation expense associated with stock options totaled $.9 million and $.6 million, respectively. For the six months ended May 31, 2015 and 2014, stock-based compensation expense associated with stock options totaled $2.0 million and $1.2 million, respectively. The aggregate intrinsic value of stock options outstanding and stock options exercisable was $19.4 million and $19.2 million, respectively, at May 31, 2015. (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.)

Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $3.3 million for the three months ended May 31, 2015 and $1.3 million for the three months ended May 31, 2014 related to restricted stock and PSUs. We recognized total compensation expense of $5.4 million for the six months ended May 31, 2015 and $2.5 million for the six months ended May 31, 2014 related to restricted stock and PSUs.