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Stock-based Compensation | 3 Months Ended
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Feb. 28, 2023
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, |  |
| 2023 |  | 2022 |  |  |  |
Stock-based compensation expense | $ | 11.8 |  |  | $ | 11.1 |  |  |  |  |
Our 2023 annual grant of stock options and RSUs is expected to occur in the second quarter, similar to the 2022 annual grant.
The following is a summary of our stock option activity for the three months ended February 28, 2023 and 2022:
| 2023 |  | 2022
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 4.8 |  |  | $ | 67.08 |  |  | 5.0 |  |  | $ | 59.71 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | (0.1) |  |  | 49.50 |  |  | (0.6) |  |  | 45.25 |
Outstanding at end of the period | 4.7 |  |  | $ | 67.32 |  |  | 4.4 |  |  | $ | 61.72 |
Exercisable at end of the period | 3.5 |  |  | $ | 58.79 |  |  | 3.0 |  |  | $ | 53.17 |
As of February 28, 2023, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $60.7 million and for options currently exercisable was $59.9 million. The total intrinsic value of all options exercised during the three months ended February 28, 2023 and 2022 was $2.1 million and $32.6 million, respectively. The following is a summary of our RSU activity for the three months ended February 28, 2023 and 2022:
| 2023 |  | 2022
(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 | 480 |  |  | $ | 77.62 |  |  | 563 |  |  | $ | 69.52 |
Granted | — |  |  | — |  |  | 6 |  |  | 92.47 |
Vested | (26) |  |  | 52.48 |  |  | (24) |  |  | 54.02 |
Forfeited | (7) |  |  | 88.35 |  |  | (8) |  |  | 78.51 |
Outstanding at end of period | 447 |  |  | $ | 78.89 |  |  | 537 |  |  | $ | 70.31 |
The following is a summary of our price-vested stock options activity for the three months ended February 28, 2023 and 2022:
| 2023 |  | 2022
(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 | 2,107 |  |  | $ | 9.40 |  |  | 2,193 |  |  | $ | 9.40 |
Granted | — |  |  | — |  |  | — |  |  | — |
Forfeited | (39) |  |  | 9.40 |  |  | (27) |  |  | 9.40 |
Outstanding at end of period | 2,068 |  |  | $ | 9.40 |  |  | 2,166 |  |  | $ | 9.40 |
The following is a summary of our LTPP activity for the three months ended February 28, 2023 and 2022:
| 2023 |  | 2022
(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 | 451 |  |  | $ | 106.32 |  |  | 497 |  |  | $ | 83.74 |
Granted | 167 |  |  | 89.00 |  |  | 151 |  |  | 95.00 |
Vested | (176) |  |  | 86.14 |  |  | (251) |  |  | 75.26 |
Forfeited | (11) |  |  | 94.58 |  |  | (2) |  |  | 96.03 |
Outstanding at end of period | 431 |  |  | $ | 93.64 |  |  | 395 |  |  | $ | 93.42 |

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