Repurchases of Common Stock

3 Months Ended

May 31, 2021

Equity [Abstract]

Repurchase of Common Stock

Note 6 - Repurchases of Common Stock

In May 2019, our Board of Directors authorized the repurchase of up to $400 million of our outstanding common stock. The authorization is effective until May 2022 and replaced our former repurchase authorization. As of May 31, 2021, our repurchase authorization allowed for the purchase of $79.6 million of common stock.

Our current equity-based compensation plans include provisions that allow for the “net exercise” of share-settled awards by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the equity holder can be settled by having the holder tender back to us a number of shares at fair value equal to the amounts due. Net exercises are treated as purchases and retirements of shares.

The following table summarizes our share repurchase activity for the periods shown:

	Three Months Ended May 31,
(in thousands, except share and per share data)	2021		2020
Common stock repurchased on the open market:
Number of shares	436,842		—
Aggregate value of shares	$	95,484	$	—
Average price per share	$	218.58	$	—
Common stock received in connection with share-based compensation:
Number of shares	65,644		60,845
Aggregate value of shares	$	14,590	$	10,013
Average price per share	$	222.26	$	164.56