Repurchases of Common Stock

12 Months Ended

Feb. 28, 2023

Note 11 - Repurchases of Common Stock

In August 2021, our Board of Directors authorized the repurchase of up to $500 million of our outstanding common stock. The authorization became effective August 25, 2021, for a period of three years, and replaced our former repurchase authorization, of which approximately $79.5 million remained. These repurchases may include open market purchases, privately negotiated transactions, block trades,

accelerated stock repurchase transactions, or any combination of such methods. As of February 28, 2023, our repurchase authorization allowed for the purchase of $403.6 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 option or other share-based award holders are 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:


	Fiscal Years Ended Last Day of February,
(in thousands, except share and per share data)	2023		2022		2021
Common stock repurchased on the open market:
Number of shares	—		776,601		960,829
Aggregate value of shares	$	—	$	170,712	$	191,606
Average price per share	$	—	$	219.82	$	199.42

Common stock received in connection with share-based compensation:
Number of shares	90,462		78,358		69,194
Aggregate value of shares	$	18,365	$	17,492	$	11,688
Average price per share	$	203.02	$	223.23	$	168.92