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Stock-based Compensation | 3 Months Ended
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Feb. 28, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION We have four types of stock-based compensation awards: restricted stock units ("RSUs"), stock options, company stock awarded as part of our long-term performance plan ("LTPP") and, beginning in the fourth quarter of 2020, price-vested stock options. The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense for the three months ended February 28, 2021 and February 29, 2020 (in millions):
| 2021 |  | 2020 |  |  |  |
Stock-based compensation expense | $ | 14.2 |  |  | $ | 6.4 |  |  |  |  |
Our 2021 annual grant of stock options and RSUs is expected to occur in the second quarter, similar to the 2020 annual grant.
The following is a summary of our stock option activity for the three months ended February 28, 2021 and February 29, 2020:
| 2021 |  | 2020
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 4.5 |  |  | $ | 53.56 |  |  | 5.2 |  |  | $ | 48.09 |
Exercised | (0.1) |  |  | 39.30 |  |  | (0.2) |  |  | 35.19 |
Outstanding at end of the period | 4.4 |  |  | $ | 53.62 |  |  | 5.0 |  |  | $ | 48.47 |
Exercisable at end of the period | 3.2 |  |  | $ | 47.95 |  |  | 3.6 |  |  | $ | 43.73 |
As of February 28, 2021, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $135.2 million and for options currently exercisable was $115.0 million. The total intrinsic value of all options exercised during the three months ended February 28, 2021 and February 29, 2020 was $2.2 million and $8.6 million, respectively. The following is a summary of our RSU activity for the three months ended February 28, 2021 and February 29, 2020:
| 2021 |  | 2020
(shares in thousands) | Number of Shares |  | Weighted- Average Grant-Date Fair Value |  | Number of Shares |  | Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period | 714 |  |  | $ | 61.74 |  |  | 762 |  |  | $ | 57.95 |
Granted | 10 |  |  | 91.85 |  |  | — |  |  | — |
Vested | (10) |  |  | 47.70 |  |  | (8) |  |  | 35.01 |
Forfeited | (6) |  |  | 65.74 |  |  | (10) |  |  | 60.22 |
Outstanding at end of period | 708 |  |  | $ | 62.34 |  |  | 744 |  |  | $ | 58.20 |
The following is a summary of our Price-Vested Stock Options activity for the three months ended February 28, 2021:
(shares in thousands) | Number of Shares |  | Weighted- Average Grant-Date Fair Value |  |  |  |
Outstanding at beginning of period | 2,482 |  |  | $ | 9.40 |  |  |  |  |
Granted | 15 |  |  | 9.66 |  |  |  |  |
Forfeited | (13) |  |  | 9.40 |  |  |  |  |
Outstanding at end of period | 2,484 |  |  | $ | 9.40 |  |  |  |  |
The following is a summary of our LTPP activity for the three months ended February 28, 2021 and February 29, 2020:
| 2021 |  | 2020
(shares in thousands) | Number of Shares |  | Weighted- Average Grant-Date Fair Value |  | Number of Shares |  | Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period | 382 |  |  | $ | 71.20 |  |  | 392 |  |  | $ | 57.98 |
Granted | 141 |  |  | 98.30 |  |  | 130 |  |  | 84.37 |
Vested | (121) |  |  | 50.95 |  |  | (88) |  |  | 44.98 |
Forfeited | (5) |  |  | 82.59 |  |  | (2) |  |  | 68.48 |
Outstanding at end of period | 397 |  |  | $ | 86.89 |  |  | 432 |  |  | $ | 68.52 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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