Share-Based Compensation Plans

3 Months Ended

May 31, 2020

Share-based Payment Arrangement [Abstract]

Note 9 - Share-Based Compensation Plans

We have equity awards outstanding under several share-based compensation plans. During the three months ended May 31, 2020, we had the following share-based compensation activity:

•We issued 1,064 shares to non-employee Board members with a total grant date fair value of $0.2 million and an average share price of $171.25.

•We granted time-vested restricted stock units ("RSUs") that may be settled for 2,708 shares of common stock with a weighted average grant price of $170.27 per share for a total award fair value at date of grant of $0.5 million.

•We granted time-vested restricted stock awards ("RSAs") that may be vested for 36,248 shares of common stock with a weighted average grant price of $170.35 per share and a total award fair value at date of grant of $6.2 million.

•We granted performance-based restricted stock units ("PSUs") that may be settled for 4,970 shares of common stock with a weighted average grant price of $170.27 per share and a total award fair value at date of grant of $0.8 million.

•We granted performance-based restricted stock awards ("PSAs") that are targeted to be vested for 86,004 shares of common stock with a weighted average grant price of $170.27 per share and a total award fair value at date of grant of $14.6 million.

•RSUs for 46,091 shares vested and settled, with a total fair value at settlement of $7.6 million, and an average share price of $164.48 per share.

•PSUs for 112,720 shares vested and settled, with a total grant date fair value of $18.6 million, and an average share price of $164.58 per share.

•RSAs for 5,462 shares vested, with a total fair value at settlement of $0.9 million, and an average share price of $164.23 per share.

•Employees exercised stock options to purchase 8,440 shares of common stock.

•There were purchases of 14,566 shares of common stock under the employee stock purchase plan at an average price of $130.48 per share.

We recorded the following share-based compensation expense in SG&A for the periods shown below:


	Three Months Ended May 31,
(in thousands, except per share data)	2020		2019
Stock options	$	12	$	116
Directors stock compensation	182		140
Performance based and other stock awards	8,611		7,023
Employee stock purchase plan	486		325
Share-based compensation expense	9,291		7,604
Less income tax benefits	(606)		(577)
Share-based compensation expense, net of income tax benefits	$	8,685	$	7,027

Impact of share-based compensation on earnings per share:
Basic	$	0.34	$	0.28
Diluted	$	0.34	$	0.28