Stock-Based Compensation

6 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock Options. At May 31, 2024 and November 30, 2023, we had 493,641 and 1,109,567 stock options outstanding with a weighted average exercise price of $16.05 and $15.50, respectively. We have not granted any stock option awards since 2016. During the six months ended May 31, 2024, a total of 615,926 stock options with a weighted average exercise price of $15.05 were exercised. As of May 31, 2024, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 2.2 years. As all outstanding stock options have been fully vested since 2019, there was no stock-based compensation expense associated with stock options for the three-month and six-month periods ended May 31, 2024 and 2023. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $26.9 million at May 31, 2024. (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 $9.4 million and $8.8 million for the three months ended May 31, 2024 and 2023, respectively, related to restricted stock and PSUs. For the six months ended May 31, 2024 and 2023, we recognized total compensation expense of $17.3 million and $14.7 million, respectively, related to restricted stock and PSUs.