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Stock-based Compensation | 3 Months Ended
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Feb. 28, 2022
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATIONWe 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 price-vested stock options. The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense (in millions):
| Three months ended February 28, |  |
| 2022 |  | 2021 |  |  |  |
Stock-based compensation expense | $ | 11.1 |  |  | $ | 14.2 |  |  |  |  |
Our 2022 annual grant of stock options and RSUs is expected to occur in the second quarter, similar to the 2021 annual grant.
The following is a summary of our stock option activity for the three months ended February 28, 2022 and 2021:
| 2022 |  | 2021
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 5.0 |  |  | $ | 59.71 |  |  | 4.5 |  |  | $ | 53.56 |
Exercised | (0.6) |  |  | 45.25 |  |  | (0.1) |  |  | 39.30 |
Outstanding at end of the period | 4.4 |  |  | $ | 61.72 |  |  | 4.4 |  |  | $ | 53.62 |
Exercisable at end of the period | 3.0 |  |  | $ | 53.17 |  |  | 3.2 |  |  | $ | 47.95 |
As of February 28, 2022, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $145.5 million and for options currently exercisable was $128.0 million. The total intrinsic value of all options exercised during the three months ended February 28, 2022 and 2021 was $32.6 million and $2.2 million, respectively. The following is a summary of our RSU activity for the three months ended February 28, 2022 and 2021:
| 2022 |  | 2021
(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 | 563 |  |  | $ | 69.52 |  |  | 714 |  |  | $ | 61.74 |
Granted | 6 |  |  | 92.47 |  |  | 10 |  |  | 91.85 |
Vested | (24) |  |  | 54.02 |  |  | (10) |  |  | 47.70 |
Forfeited | (8) |  |  | 78.51 |  |  | (6) |  |  | 65.74 |
Outstanding at end of period | 537 |  |  | $ | 70.31 |  |  | 708 |  |  | $ | 62.34 |
The following is a summary of our price-vested stock options activity for the three months ended February 28, 2022 and 2021:
| 2022 |  | 2021
(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 | 2,193 |  |  | $ | 9.40 |  |  | 2,482 |  |  | $ | 9.40 |
Granted | — |  |  | — |  |  | 15 |  |  | 9.66 |
Forfeited | (27) |  |  | 9.40 |  |  | (13) |  |  | 9.40 |
Outstanding at end of period | 2,166 |  |  | $ | 9.40 |  |  | 2,484 |  |  | $ | 9.40 |
The following is a summary of our LTPP activity for the three months ended February 28, 2022 and 2021:
| 2022 |  | 2021
(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 | 497 |  |  | $ | 83.74 |  |  | 382 |  |  | $ | 71.20 |
Granted | 151 |  |  | 95.00 |  |  | 141 |  |  | 98.30 |
Vested | (251) |  |  | 75.26 |  |  | (121) |  |  | 50.95 |
Forfeited | (2) |  |  | 96.03 |  |  | (5) |  |  | 82.59 |
Outstanding at end of period | 395 |  |  | $ | 93.42 |  |  | 397 |  |  | $ | 86.89 |

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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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