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Stock-Based Compensation (Tables) | 12 Months Ended
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May. 31, 2015
Stock-Based Compensation Expense Included in Consolidated Statements of Income | The following table represents total stock-based compensation expense included in our Consolidated Statements of Income:
Year Ended May 31, |  | 2015 |  |  | 2014 |  |  | 2013 |
(In thousands) |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  | $ | 31,741 |  |  | $ | 23,568 |  |  | $ | 17,145 |
Income tax (benefit) |  |  | (10,027 | ) |  |  | (7,776 | ) |  |  | (5,627 | )
Total stock-based compensation cost |  | $ | 21,714 |  |  | $ | 15,792 |  |  | $ | 11,518 |
Summary of Weighted-Average Assumptions Related to Grants | The following is a summary of our weighted-average assumptions related to grants made during the last three fiscal years:
Year Ended May 31, |  | 2015 |  |  | 2014 |  |  | 2013 |
Risk-free interest rate |  |  | 2.3 | % |  |  | 2.2 | % |  |  | 1.1 | %
Expected life of option |  |  | 7.5 yrs |  |  |  | 7.5 yrs |  |  |  | 7.5 yrs |
Expected dividend yield |  |  | 2.2 | % |  |  | 2.7 | % |  |  | 3.3 | %
Expected volatility rate |  |  | 25.7 | % |  |  | 26.1 | % |  |  | 28.2 | %
Summary of Option and Share-Based Payment Activity | The following table summarizes option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2015:
|  | 2015 |
Share-Based Payments |  | Weighted Average Exercise Price |  |  | Number of Shares Under Option |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1 |  | $ | 23.18 |  |  |  | 3,219 |
Options granted |  |  | 44.60 |  |  |  | 600 |
Options canceled/expired |  |  | — |  |  |  | — |
Options exercised |  |  | 20.50 |  |  |  | (289 | )
Balance at May 31 |  |  | 27.04 |  |  |  | 3,530 |
Exercisable at May 31 |  | $ | 21.93 |  |  |  | 2,111 |
Stock Option Plans |  | 2015 |  |  | 2014 |  |  | 2013 |
(In millions, except per share amounts) |  |  |  |  |  |  |  |  |
Weighted-average grant-date fair value per share |  | $ | 10.63 |  |  | $ | 7.38 |  |  | $ | 4.96 |
Intrinsic value of options exercised |  | $ | 3.3 |  |  | $ | 15.6 |  |  | $ | 9.8 |
Tax benefit from options exercised |  | $ | 2.5 |  |  | $ | 5.2 |  |  | $ | 3.5 |
Fair value of SARS vested |  | $ | 3.3 |  |  | $ | 2.0 |  |  | $ | 1.9 |
Employee Incentive Plan 2007 |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table sets forth awards and restricted stock units issued under the 2007 Plan for the year ended May 31, 2015:
|  | Weighted-Average Grant-Date Fair Value |  |  | 2015 |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1 |  | $ | 19.27 |  |  |  | 857 |
Shares granted |  |  | 44.60 |  |  |  | 67 |
Shares exercised |  |  | 22.42 |  |  |  | (65 | )
Balance at May 31 |  | $ | 21.04 |  |  |  | 859 |
Directors Equity Incentive Plan 2003 |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the share-based activity under the 2003 Plan during fiscal 2015:
|  | Weighted-Average Grant-Date Fair Value |  |  | 2015 |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1 |  | $ | 27.48 |  |  |  | 98 |
Shares granted to Directors |  |  | 43.89 |  |  |  | 30 |
Shares vested |  |  | 20.60 |  |  |  | (36 | )
Balance at May 31 |  | $ | 35.57 |  |  |  | 92 |
Performance Based Restricted Stock Awards |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the share-based performance-earned restricted stock (“PERS”) activity during the fiscal year ended May 31, 2015:
|  | Weighted-Average Grant-Date Fair Value |  |  | 2015 |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1 |  | $ | 27.96 |  |  |  | 1,414 |
Shares granted |  |  | 44.28 |  |  |  | 508 |
Shares forfeited |  |  | 27.60 |  |  |  | (8 | )
Shares vested |  |  | 22.84 |  |  |  | (473 | )
Balance at May 31 |  | $ | 35.40 |  |  |  | 1,441 |
Nonvested Shares |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the activity for all nonvested restricted shares during the year ended May 31, 2015:
(Shares in thousands) |  | Weighted-Average Grant-Date Fair Value |  |  | Number of Shares |
Balance at June 1 |  | $ | 24.24 |  |  |  | 3,060 |
Granted |  |  | 44.29 |  |  |  | 605 |
Vested |  |  | 22.13 |  |  |  | (664 | )
Forfeited |  |  | 27.60 |  |  |  | (7 | )
Balance at May 31 |  | $ | 28.75 |  |  |  | 2,994 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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