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Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2021

Share-based Payment Arrangement [Abstract]

A summary of stock option activity under all the plans is as follows:


	Shares	Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
	(in thousands)	Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2020	1,673	$	39.28
Granted	645	43.17
Exercised	(195)	35.82
Canceled	(108)	42.85
Options outstanding, November 30, 2021	2,015	$	40.67	4.6	$	16,330
Exercisable, November 30, 2021	938	$	38.84	3.6	$	9,509
Vested or expected to vest, November 30, 2021	2,015	$	40.67	4.6	$	16,330

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2021 of $48.46 and the exercise prices for all options outstanding.

Summary of Status of Restricted Stock Units

A summary of restricted stock units' activity is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2020	796	$	42.63
Granted	551	43.73
Issued	(326)	41.79
Canceled	(143)	46.37
Restricted stock units outstanding, November 30, 2021	878	$	43.06

Schedule of Valuation Assumptions

We estimated the fair value of stock options and ESPP awards granted in fiscal years 2021, 2020, and 2019 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Stock options:
Expected volatility	30.0	%	29.0	%	25.0	%
Risk-free interest rate	0.5	%	1.1	%	2.5	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.6	%	1.8	%
Employee stock purchase plan:
Expected volatility	33.1	%	38.2	%	30.6	%
Risk-free interest rate	0.1	%	0.2	%	2.3	%
Expected life (in years)	1.3		1.3		1.6
Expected dividend yield	1.5	%	2.0	%	1.7	%
Long-term incentive plan:
Expected volatility	36.3	%	34.7	%	32.2	%
Risk-free interest rate	0.2	%	1.1	%	2.5	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—	%	—	%	1.7	%

Stock Options and Stock Awards Activity

The following additional activity occurred under our plans (in thousands):


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Total intrinsic value of stock options on date exercised	$	2,523	$	1,340	$	1,388
Total fair value of deferred stock units on date vested	2,084		1,547		1,853
Total fair value of restricted stock units on date vested	16,018		15,499		14,720

Classification of Stock-Based Compensation

The following table provides the classification of stock-based compensation as reflected in our consolidated statements of operations (in thousands):


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Cost of maintenance and services	$	1,561	$	1,336	$	1,134
Sales and marketing	6,055		4,462		4,155
Product development	8,104		7,286		7,205
General and administrative	14,004		10,398		10,817
Total stock-based compensation	$	29,724	$	23,482	$	23,311
Income tax benefit included in the provision for income taxes	$	5,281	$	4,541	$	4,661