Stock-Based Compensation

3 Months Ended

Feb. 28, 2019

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 three months ended February 28, 2019:



	Options		Weighted Average Exercise Price
Options outstanding at beginning of period	7,237,544		$	16.02
Granted	—		—
Exercised	(62,292	)	13.36
Cancelled	—		—
Options outstanding at end of period	7,175,252		$	16.04
Options exercisable at end of period	6,886,378		$	16.04

As of February 28, 2019, the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 3.8 years and 3.6 years, respectively. There was $.1 million of total unrecognized compensation expense related to unvested stock option awards as of February 28, 2019 that is expected to be recognized over a weighted average period of 0.6 years. For the three months ended February 28, 2019, stock-based compensation expense was nominal compared to $.2 million for the three months ended February 28, 2018. The aggregate intrinsic values of stock options outstanding and stock options exercisable were $62.3 million and $60.4 million, respectively, at February 28, 2019. (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 $4.1 million and $3.7 million for the three months ended February 28, 2019 and 2018, respectively, related to restricted stock and PSUs.