LONG-TERM DEBT (Tables)

12 Months Ended

Feb. 29, 2016

LONG-TERM DEBT

Summary of long-term debt

	Original
	Date	Interest			Last Day of February,
	Borrowed	Rates		Matures	2016		2015
$37.61 million unsecured loan with the Mississippi Business Finance Corporation (the "MBFC Loan"), interest is set and payable quarterly at a Base Rate, plus a margin of up to 1.00%, or applicable LIBOR plus a margin of up to 2.00%, as determined by the interest rate elected and the Leverage Ratio. Loan subject to holder's call on or after March 1, 2018. Loan can be prepaid without penalty. (1)	03/13	Floating		03/23	$	33,807	$	35,707
$100 million unsecured Senior Notes payable at a fixed interest rate of 3.90%. Interest payable semi-annually. Annual principal payments of $20 million began in January 2014. Prepayment of notes are subject to a "make whole" premium.	01/11	3.90	%	01/18		40,000		60,000
Credit Agreement	01/15	Floating		01/20		550,100		337,500
Total long-term debt						623,907		433,207
Less current maturities of long-term debt						(23,800)		(21,900)
Long-term debt, excluding current maturities					$	600,107	$	411,307

(1) $1.90 million in principal payments were made on March 1, 2015 and 2014, respectively. The remaining loan balance is payable as follows: $3.80 million on March 1, 2016; $5.70 million on March 1, 2017; $1.90 million on March 1, 2018through2022; and $14.81 million on March 1, 2023. Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.

Schedule of interest rates on credit agreement

INTEREST RATES ON CREDIT AGREEMENT

(in thousands)

	Fiscal Years Ended the Last Day of February,
	2016			2015			2014
Average borrowings outstanding (1)	$	399,800		$	300,280		$	29,680
Average interest rate during each year (2)		1.6	%		2.5	%		1.3	%
Interest rate range during each year		1.4 - 4.0	%		1.9 - 4.4	%		1.2 - 3.6	%
Weighted average interest rates on borrowings outstanding at year end		2.8	%		1.9	%		0.0	%

(1)Average borrowings outstanding is computed as the average of the current and four prior quarters ending balances of our credit facility.

(2)  The average interest rate during each year is computed by dividing the total interest expense associated with our credit facility for a fiscal year by the average borrowings outstanding for the same fiscal year.

Summary of components of interest expense

INTEREST EXPENSE

(in thousands)

	FiscalYearsEndedtheLastDayofFebruary,
	2016		2015		2014
Interest and commitment fees	$	9,949	$	11,958	$	5,610
Deferred finance costs		1,158		1,846		911
Interest rate swap settlements, net		-		1,218		3,672
Cross-currency debt swap		(11)		-		-
Total interest expense	$	11,096	$	15,022	$	10,193