Stock-Based Compensation

9 Months Ended

Aug. 31, 2021

Share-based Payment Arrangement [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 nine months ended August 31, 2021:

	Options	Weighted Average Exercise Price
Options outstanding at beginning of period	2,462,714	$	15.32
Granted	—	—
Exercised	(228,651)	15.35
Cancelled	—	—
Options outstanding at end of period	2,234,063	$	15.32
Options exercisable at end of period	2,234,063	$	15.32

We have not granted any stock option awards since 2016. As of August 31, 2021, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 3.9 years. As all outstanding stock options have been fully vested since 2019, there was no unrecognized compensation expense related to stock option awards at August 31, 2021 and no stock-based compensation expense associated with stock options for the three-month and nine-month periods ended August 31, 2021 and 2020. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $61.9 million at August 31, 2021. (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 $6.1 million and $4.6 million for the three months ended August 31, 2021 and 2020, respectively, related to restricted stock and PSUs. For the nine months ended August 31, 2021 and 2020, we recognized total compensation expense of $19.8 million and $12.7 million, respectively, related to restricted stock and PSUs.