Stock-Based Compensation

9 Months Ended

Aug. 31, 2015

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

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 nine months ended August 31, 2015:



	Options		Weighted Average Exercise Price
Options outstanding at beginning of period	11,735,042		$	20.45
Granted	—		—
Exercised	(52,000	)	8.38
Cancelled	(130,384	)	23.26
Options outstanding at end of period	11,552,658		$	20.47
Options exercisable at end of period	9,992,609		$	21.32

As of August 31, 2015, the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.4 years and 3.7 years, respectively. There was $2.8 million of total unrecognized compensation expense related to unvested stock option awards as of August 31, 2015. For the three months ended August 31, 2015 and 2014, stock-based compensation expense associated with stock options totaled $1.1 million and $.6 million, respectively. For the nine months ended August 31, 2015 and 2014, stock-based compensation expense associated with stock options totaled $3.1 million and $1.8 million, respectively. The aggregate intrinsic value of both stock options outstanding and stock options exercisable was $18.4 million at August 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 $1.9 million for the three months ended August 31, 2015 and $1.7 million for the three months ended August 31, 2014 related to restricted stock and PSUs. We recognized total compensation expense of $7.3 million for the nine months ended August 31, 2015 and $4.2 million for the nine months ended August 31, 2014 related to restricted stock and PSUs.