Share-Based Compensation Plans

9 Months Ended

Nov. 30, 2017

Note 6 – Share-Based Compensation Plans

We have equity awards outstanding under several share-based compensation plans. During the three- and nine-months ended November 30, 2017, we had the following share-based compensation activity:

We issued 1,351 and 4,279 shares, respectively, to non-employee Board members with a total grant date fair value of $0.1 and $0.4 million, respectively, and average share prices of $90.80 and $94.26, respectively.

We granted time-vested restricted stock units (“RSUs”) that may be settled for 5,437 and 78,352 shares, respectively, of common stock with average fair values at the grant dates of $93.75 and $89.22 per unit, respectively.

We granted performance-based restricted stock units (“PSUs”) for 3,795 and 70,329 shares, respectively, of common stock with average fair values at the grant dates of $92.20 and $91.54 per unit, respectively.

Employee RSUs for 1,115 and 35,250 shares vested and settled with a total fair value at settlement of $0.1 and $3.5 million and an average share price of $91.97 and $98.13, respectively.

Employees exercised stock options to purchase 7,148 and 110,552 shares of common stock, respectively.

During the three months ended May 31, 2017, employee PSUs for 149,884 shares vested and settled with a total fair value at settlement of $14.3 million, and an average share price of $95.55.

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

SHARE-BASED COMPENSATION EXPENSE


	Three Months Ended				Nine Months Ended
	November 30,				November 30,
(in thousands, except per share data)	2017		2016		2017		2016
Stock options	$	327	$	629	$	1,289	$	2,036
Directors stock compensation		175		175		575		525
Performance based and other stock awards		4,202		2,151		9,141		8,998
Employee stock purchase plan		-		-		297		258
Share-based compensation expense		4,704		2,955		11,302		11,817
Less income tax benefits		(781)		(706)		(1,862)		(2,920)
Share-based compensation expense, net of income tax benefits	$	3,923	$	2,249	$	9,440	$	8,897

Earnings per share impact of share-based compensation expense:
Basic	$	0.14	$	0.08	$	0.35	$	0.32
Diluted	$	0.14	$	0.08	$	0.35	$	0.32

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details