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Stock-Based Compensation
 6 Months Ended
May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the six months ended May 31, 2016:
 
Options
 
Weighted
Average Exercise
Price
Options outstanding at beginning of period
12,635,644

 
$
19.39

Granted
—

 
—

Exercised
—

 
—

Cancelled
(533
)
 
45.68

Options outstanding at end of period
12,635,111

 
$
19.39

Options exercisable at end of period
10,389,189

 
$
20.35


As of May 31, 2016, the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.3 years and 3.3 years, respectively. There was $3.0 million of total unrecognized compensation expense related to unvested stock option awards as of May 31, 2016. For the three months ended May 31, 2016 and May 31, 2015, stock-based compensation expense associated with stock options totaled $1.1 million and $.9 million, respectively. For each of the six- month periods ended May 31, 2016 and 2015, stock-based compensation expense associated with stock options totaled $2.0 million. The aggregate intrinsic value of both stock options outstanding and stock options exercisable was $15.9 million at May 31, 2016. (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.)
Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $3.5 million for the three months ended May 31, 2016 and $3.3 million for the three months ended May 31, 2015 related to restricted stock and PSUs. We recognized total compensation expense of $5.5 million for the six months ended May 31, 2016 and $5.4 million for the six months ended May 31, 2015 related to restricted stock and PSUs.
Approval of the Amended KB Home 2014 Equity Incentive Plan. At our Annual Meeting of Stockholders held on April 7, 2016, our stockholders approved the Amended KB Home 2014 Equity Incentive Plan, authorizing, among other things, the issuance for grants of stock-based awards to our employees, non-employee directors and consultants of up to 7,500,000 additional shares above the original 4,800,000 shares our stockholders approved under the KB Home 2014 Equity Incentive Plan (or an aggregate issuance of up to 12,300,000 shares), plus any shares that were available for grant as of April 7, 2014 under our 2010 Equity Incentive Plan (“2010 Plan”), and any shares subject to then-outstanding awards under the 2010 Plan that subsequently expire or are canceled, forfeited, tendered or withheld to satisfy tax withholding obligations with respect to full value awards, or settled for cash.