Stock Compensation (Tables)

12 Months Ended

Feb. 28, 2014

Activity in our non-vested restricted stock unit awards for the year ended February 28, 2014 was as follows:



	Restricted Stock Units		Weighted Average Grant Date Fair Value
Non-Vested Balance as of February 28, 2013	109,430		$	20.73
Granted	49,843		45.04
Vested	(88,921	)	20.01
Forfeited	—		—
Non-Vested Balance as of February 28, 2014	70,352		$	45.96

Stock Appreciation Rights and Option Awards

A summary of the Company’s stock appreciation rights and option awards activity for the three years ended February 28, or 29, as applicable, were as follows:



	2014				2013				2012
	Options/ SAR’s		Weighted Average Exercise Price		Options/ SAR’s		Weighted Average Exercise Price		Options/ SAR’s		Weighted Average Exercise Price
Outstanding at beginning of year	439,863		$	19.12	573,000		$	15.46	831,518		$	14.14
Granted	116,032		45.20		118,107		25.77		193,132		20.91
Exercised	(159,721	)	19.19		(251,240	)	13.84		(413,814	)	15.10
Forfeited	—		—		(4	)	2.11		(37,836	)	19.88
Outstanding at end of year	396,174		$	26.64	439,863		$	19.12	573,000		$	15.46
Exercisable at end of year	153,343		$	15.32	115,395		$	13.14	123,090		$	12.11
Weighted average fair value for the fiscal year indicated of options and SARs granted during such year			$	13.68			$	8.81			$	7.74

Share-based Compensation Activity

The following table summarizes additional information about stock options and stock appreciation rights outstanding at February 28, 2014.



Range of Exercise Prices	Total Options/ SAR’s	Average Remaining Life	Weighted Average Exercise Price		Options / SAR’s Currently Exercisable	Weighted Average Exercise Price
$9.06	51,832	2.00	$	9.06	51,832	$	9.06
$15.84	60,259	3.00	$	15.84	60,259	$	15.84
$20.91	83,874	4.00	$	20.91	29,004	$	20.91
$25.67	84,329	5.00	$	25.67	11,584	$	25.67
$31.76	1,993	5.00	$	31.76	664	$	31.76
$45.36	69,477	6.00	$	45.36	—	$	—
$45.26	40,000	6.00	$	45.26	—	$	—
$42.08	2,226	6.00	$	42.08	—	$	—
$46.43	759	6.00	$	46.43	—	$	—
$39.65	1,425	6.00	$	39.65	—	$	—
$ 9.06 - $45.36	396,174	4.38	$	26.64	153,343	$	15.32

Share-based Compensation Fair Value Assumptions

Assumptions used in the Black-Scholes option pricing model for the past three fiscal years were as follows for all stock appreciation rights plans and employee stock purchase plans:



	2014	2013	2012
Expected life in years	2 – 4.5	2 – 5	2 – 5
Expected dividend yield	1.21% – 1.33%	1.73% - 2.00%	2.27% – 2.39%
Expected price volatility	36.34% – 41.60%	45.00% - 47.50%	46.86% – 48.85%
Risk-free interest rate	0.42 – 1.46	0.29 - 0.59	3.39 – 3.51

Share-based compensation expense and related income tax

Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:



Year Ended February 28 or 29,	2014		2013		2012
Compensation Expense	$	3,703,407	$	3,175,050	$	2,927,917
Income tax benefits	$	1,296,193	$	1,111,268	$	1,024,771