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Stock-based Compensation | 9 Months Ended
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Nov. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Stock-based Compensation | Share-based Compensation The Company has two share-based compensation plans, the 2014 Long Term Incentive Plan (the "2014 Plan") and the Amended and Restated 2005 Long Term Incentive Plan (the “2005 Plan”). The 2014 Plan provides for broad-based equity grants to employees, including executive officers, and members of the board of directors and permits the granting of restricted shares, restricted stock units, performance awards, stock appreciation rights and other stock-based awards. The maximum number of shares that may be issued under the 2014 Plan is 1.5 million. The 2005 Plan permitted the granting of stock appreciation rights and other equity-based awards to certain employees. This plan was terminated upon the effective date of the 2014 Plan and no future grants may be made under the 2005 Plan. There are stock appreciation rights granted under the 2005 Plan prior to its termination that remain outstanding, and if exercised, such awards will be settled from the balance of shares available for issuance under the 2005 Plan. As of November 30, 2020, there were approximately 49,000 shares available for issuance under the 2005 Plan. The 2005 Plan will be formally retired when all remaining outstanding stock appreciation rights are exercised, forfeited or expire. All outstanding stock appreciation rights will expire on or before March 1, 2021. Restricted Stock Unit Awards Restricted stock unit ("RSU") awards are valued at the market price of our common stock on the grant date. Awards generally vest ratably over a period of three years but these awards may vest and be issued earlier in accordance with the Plan’s vesting provisions. RSU awards have dividend equivalent rights (“DERs”), which entitle holders of RSUs to the same dividend value per share as holders of common stock. DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs. DERs are accumulated and paid when the underlying awards vest. A summary of the Company’s non-vested restricted stock unit award activity (including DERs) for the nine months ended November 30, 2020 is as follows:
|  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding as of February 29, 2020 |  | 194,946 |  |  | $ | 44.34 |
Granted |  | 131,120 |  |  | 28.78 |
Vested |  | (72,747) |  |  | 45.67 |
Forfeited |  | (26,124) |  |  | 36.82 |
Outstanding as of November 30, 2020 |  | 227,195 |  |  | $ | 35.65 |
Performance Share Unit Awards The Company grants performance share unit ("PSU") awards to certain employees, which also include DERs as described above. These PSU awards have a three year performance cycle and vest on the third anniversary of the grant date subject to various vesting conditions. The fiscal 2019 and 2020 PSU awards have vesting conditions based on the Company’s degree of achievement of a target annual average adjusted return on assets during these three year periods relative to the performance of a predetermined group of peer companies. In addition, these PSU awards may have vesting conditions or certain vesting multipliers, which are based on the Company’s total shareholder return ("TSR") during such three years in comparison to a defined specific industry peer group. For fiscal 2021, the Company's annual PSU awards are subject to the Company's TSR relative to its proxy peer group and will not be subject to any multiplier. The Company estimates the grant date value of PSU awards using a Monte Carlo simulation model on the date of grant. A summary of the Company’ non-vested performance share unit award activity (including DERs) for the nine months ended November 30, 2020 is as follows:
|  | Performance Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding as of February 29, 2020 |  | 109,936 |  |  | $ | 47.75 |
Granted |  | 69,955 |  |  | 33.22 |
Vested |  | — |  |  | — |
Forfeited |  | (36,307) |  |  | 50.54 |
Outstanding as of November 30, 2020 |  | 143,584 |  |  | $ | 39.97 |
The PSU awards in the table above are presented at the face value of the respective grants. However, the PSU awards prior to fiscal 2021 that may ultimately vest can vary in a range 0% to 250%, and 0% to 200% thereafter, of the face amount of such awards depending on the outcome of the performance or market vesting conditions. Stock Appreciation Rights Stock appreciation rights ('SARs") were granted with an exercise price equal to the market value of our common stock on the date of grant. These awards generally have a contractual term of seven years and generally vest ratably over a period of three years from the date of grant although some may vest immediately on issuance. These awards are valued using the Black-Scholes option-pricing model. A summary of the Company’s SARs activity for the nine months ended November 30, 2020 is as follows:
|  | Options/SAR’s |  | Weighted Average Exercise Price
Outstanding as of February 29, 2020 |  | 94,826 |  |  | $ | 44.58 |
Granted |  | — |  |  | — |
Exercised |  | — |  |  | — |
Forfeited |  | (43,489) |  |  | 45.10 |
Outstanding as of November 30, 2020 |  | 51,337 |  |  | $ | 44.13 |
Exercisable as of November 30, 2020 |  | 51,337 |  |  | $ | 44.13 |
The average remaining contractual term for SARs outstanding and SARs that were exercisable as of November 30, 2020 was 0.29 years and such awards had no intrinsic value. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan ("ESPP"), which allows employees of the Company to purchase common stock of the Company through accumulated payroll deductions. Offerings under the ESPP have a duration of 24 months (the "offering period") and commence on each January 1 and July 1, and end on June 30 and December 31, respectively. On the first day of an offering period (the “enrollment date”) the participant is granted the option to purchase shares on each exercise date at the lower of 85% of the market value of a share of the Company's common stock on the enrollment date or the exercise date. The participant’s right to purchase common stock under the plan is restricted to no more than $25,000 per calendar year and the participant may not purchase more than 5,000 shares during any offering period. Participants may terminate their interest in a given offering or a given exercise period by withdrawing all of their accumulated payroll deductions at any time prior to the end of the offering period. The fair value of the estimated number of shares to be issued under each offering is determined using the Black-Scholes option-pricing model. The Company issued 58,107 and 51,438 shares from the ESPP during the nine months ended November 30, 2020 and 2019, respectively. Share-based Compensation Expense Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows (in thousands):
|  | Nine Months Ended November 30,
|  | 2020 |  | 2019
Compensation expense |  | $ | 5,773 |  |  | $ | 4,904 |
Income tax benefits |  | $ | 525 |  |  | $ | 1,030 |
Unrecognized compensation cost related to the Company's employee equity grants at November 30, 2020 totals $10.1 million and is expected to be recognized over a period of 1.91 years. The Company’s policy is to issue shares required under these plans from the Company’s authorized but unissued shares.

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