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Stock-based Compensation | 3 Months Ended
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Feb. 29, 2024
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 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 29, 2024 |  | February 28, 2023 |  |  |  |
Stock-based compensation expense | $ | 11.7 |  |  | $ | 11.8 |  |  |  |  |
Our 2024 annual grant of stock options and RSUs will occur in the second quarter, similar to the 2023 annual grant. During the three months ended February 29, 2024, approximately 380,000 stock option shares were granted.
The following is a summary of our stock option activity for the three months ended February 29, 2024 and February 28, 2023:
| 2024 |  | 2023
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 5.3 |  |  | $ | 70.43 |  |  | 4.8 |  |  | $ | 67.08 |
Granted | 0.4 |  |  | 65.99 |  |  | — |  |  | — |
Exercised | (0.1) |  |  | 37.74 |  |  | (0.1) |  |  | 49.50 |
Outstanding at end of the period | 5.6 |  |  | $ | 70.54 |  |  | 4.7 |  |  | $ | 67.32 |
Exercisable at end of the period | 3.9 |  |  | $ | 65.36 |  |  | 3.5 |  |  | $ | 58.79 |
As of February 29, 2024, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $38.4 million and for options currently exercisable was $37.3 million. The total intrinsic value of all options exercised during the three months ended February 29, 2024 and February 28, 2023 was $2.6 million and $2.1 million, respectively. The following is a summary of our RSU activity for the three months ended February 29, 2024 and February 28, 2023:
| 2024 |  | 2023
(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 | 494 |  |  | $ | 76.94 |  |  | 480 |  |  | $ | 77.62 |
Vested | (3) |  |  | 92.74 |  |  | (26) |  |  | 52.48 |
Forfeited | (9) |  |  | 83.59 |  |  | (7) |  |  | 88.35 |
Outstanding at end of period | 482 |  |  | $ | 76.71 |  |  | 447 |  |  | $ | 78.89 |
The following is a summary of our price-vested stock options activity for the three months ended February 29, 2024 and February 28, 2023:
| 2024 |  | 2023
(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 | 2,055 |  |  | $ | 9.40 |  |  | 2,107 |  |  | $ | 9.40 |
Forfeited | — |  |  | — |  |  | (39) |  |  | 9.40 |
Outstanding at end of period | 2,055 |  |  | $ | 9.40 |  |  | 2,068 |  |  | $ | 9.40 |
The following is a summary of our LTPP activity for the three months ended February 29, 2024 and February 28, 2023:
| 2024 |  | 2023
(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 | 474 |  |  | $ | 94.34 |  |  | 451 |  |  | $ | 106.32 |
Granted | 192 |  |  | 66.49 |  |  | 167 |  |  | 89.00 |
Vested | (181) |  |  | 98.30 |  |  | (176) |  |  | 86.14 |
Forfeited | (10) |  |  | 91.65 |  |  | (11) |  |  | 94.58 |
Outstanding at end of period | 475 |  |  | $ | 81.53 |  |  | 431 |  |  | $ | 93.64 |

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