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Stock-Based Compensation (Tables) | 12 Months Ended
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May 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Non-qualified Stock Options Granted | The table below sets forth the non-qualified stock options granted during each of the last three fiscal years. For each grant, the exercise price was equal to the closing market price of the underlying common shares at the respective grant date. The fair values of these stock options were based on the Black-Scholes option pricing model, calculated at the respective grant dates. The calculated pre-tax stock-based compensation expense for these stock options will be recognized on a straight-line basis over the three-year vesting period of the stock options.
(In thousands, except per common share amounts) |  | 2023 |  |  | 2022 |  |  | 2021 |
Granted |  |  | 84 |  |  |  | 55 |  |  |  | 116 |
Weighted average exercise price, per common share |  | $ | 46.39 |  |  | $ | 60.19 |  |  | $ | 36.93 |
Weighted average grant date fair value, per common share |  | $ | 16.36 |  |  | $ | 19.76 |  |  | $ | 10.43 |
Pre-tax stock-based compensation |  | $ | 1,381 |  |  | $ | 1,077 |  |  | $ | 1,213 |
Schedule of Assumptions Used to Determine Fair Value of Stock Options | The weighted average fair value of stock options granted in fiscal 2023, fiscal 2022 and fiscal 2021 was based on the following weighted average assumptions:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Dividend yield |  |  | 2.33 | % |  |  | 2.10 | % |  |  | 2.94 | %
Expected volatility |  |  | 41.63 | % |  |  | 41.62 | % |  |  | 40.82 | %
Risk-free interest rate |  |  | 3.19 | % |  |  | 1.10 | % |  |  | 0.43 | %
Expected life (years) |  |  | 6.0 |  |  |  | 6.0 |  |  |  | 6.0 |
Summary of Stock Option Activity | The following tables summarize our stock option activity for the prior three fiscal years:
|  | 2023 |  |  | 2022 |  |  | 2021 |
(In thousands, except per common share amounts) |  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Stock Options |  |  | Weighted Average Exercise Price |
Outstanding, beginning of year |  |  | 602 |  |  | $ | 39.66 |  |  |  | 602 |  |  | $ | 36.44 |  |  |  | 1,352 |  |  | $ | 27.34 |
Granted |  |  | 84 |  |  |  | 46.39 |  |  |  | 55 |  |  | 60.19 |  |  |  | 116 |  |  |  | 36.93 |
Exercised |  |  | (113 | ) |  |  | 29.71 |  |  |  | (53 | ) |  |  | 23.80 |  |  |  | (854 | ) |  |  | 22.16 |
Forfeited |  |  | - |  |  |  | - |  |  |  | (2 | ) |  | 44.69 |  |  |  | (12 | ) |  |  | 31.52 |
Outstanding, end of year |  |  | 573 |  |  | $ | 42.61 |  |  |  | 602 |  |  | $ | 39.66 |  |  |  | 602 |  |  | $ | 36.44 |
Exercisable at end of year |  |  | 418 |  |  | $ | 40.84 |  |  |  | 447 |  |  | $ | 37.68 |  |  |  | 389 |  |  | $ | 35.55 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range |
|  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  |  |
|  | Number of |  |  | Remaining |  |  | Aggregate |
|  | Stock |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Life |  |  | Value |
|  | (In thousands) |  |  | (In years) |  |  | (In thousands) |
May 31, 2023 |  |  |  |  |  |  |  |  |
Outstanding |  |  | 573 |  |  |  | 5.47 |  |  | $ | 7,970 |
Exercisable |  |  | 418 |  |  |  | 4.38 |  |  | $ | 6,472 |
May 31, 2022 |  |  |  |  |  |  |  |  |
Outstanding |  |  | 602 |  |  |  | 5.15 |  |  | $ | 4,987 |
Exercisable |  |  | 447 |  |  |  | 4.09 |  |  | $ | 4,065 |
May 31, 2021 |  |  |  |  |  |  |  |  |
Outstanding |  |  | 602 |  |  |  | 5.61 |  |  | $ | 18,037 |
Exercisable |  |  | 389 |  |  |  | 4.15 |  |  | $ | 12,415 |
Summary of Non-Vested Stock Option Awards | The following table summarizes information about non-vested stock option awards for fiscal 2023:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Stock Options |  |  | Fair Value |
|  | (In thousands) |  |  | Per Common Share |
Non-vested, beginning of year |  |  | 155 |  |  | $ | 13.66 |
Granted |  |  | 84 |  |  |  | 16.36 |
Vested |  |  | (84 | ) |  |  | 12.40 |
Non-vested, end of year |  |  | 155 |  |  | $ | 15.80 |
Schedule of Service-Based Restricted Common Shares Granted | The table below sets forth the service-based restricted common shares granted under the Plans during each of the past three fiscal years. The calculated pre-tax stock-based compensation expense for these restricted common shares will be recognized on a straight-line basis over their respective three-year service periods.
(In thousands, except per common share amounts) |  | 2023 |  |  | 2022 |  |  | 2021 |
Granted |  |  | 358 |  |  |  | 192 |  |  |  | 307 |
Weighted average grant date fair value, per common share |  | $ | 49.89 |  |  | $ | 57.19 |  |  | $ | 38.99 |
Pre-tax stock-based compensation |  | $ | 17,884 |  |  | $ | 10,993 |  |  | $ | 11,985 |
Summary of Activity for Service-Based Restricted Common Shares | The following table summarizes the activity for service-based restricted common shares for the past three fiscal years.
|  | 2023 |  |  | 2022 |  |  | 2021 |
(In thousands, except per common share amounts) |  | Restricted Common Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Restricted Common Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Restricted Common Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding, beginning of year |  |  | 650 |  |  | $ | 44.12 |  |  |  | 777 |  |  | $ | 40.36 |  |  |  | 643 |  |  | $ | 41.79 |
Granted |  |  | 358 |  |  |  | 49.89 |  |  |  | 192 |  |  |  | 57.19 |  |  |  | 307 |  |  |  | 38.99 |
Vested |  |  | (184 | ) |  |  | 40.52 |  |  |  | (295 | ) |  |  | 42.90 |  |  |  | (146 | ) |  |  | 43.41 |
Forfeited |  |  | (24 | ) |  |  | 48.94 |  |  |  | (24 | ) |  |  | 42.36 |  |  |  | (27 | ) |  |  | 42.15 |
Outstanding, end of year |  |  | 800 |  |  | $ | 47.39 |  |  |  | 650 |  |  | $ | 44.12 |  |  |  | 777 |  |  | $ | 40.36 |
Weighted average remaining contractual life of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding restricted common shares (in years) |  |  | 1.28 |  |  |  |  |  |  | 1.25 |  |  |  |  |  |  | 1.33 |  |  |  |
Aggregate intrinsic value of outstanding restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
common shares |  | $ | 44,926 |  |  |  |  |  | $ | 30,283 |  |  |  |  |  | $ | 51,541 |  |  |  |
Aggregate intrinsic value of restricted common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares vested during the year |  | $ | 8,897 |  |  |  |  |  | $ | 16,534 |  |  |  |  |  | $ | 5,873 |  |  |  |
Schedule of Assumptions Used to Determine Grant Date Fair Value of Market Based Restricted Common Shares | The following assumptions were used to determine the grant date fair value and the derived service period for these restricted common shares:
Dividend yield |  | 2.67 | %
Expected volatility |  | 43.00 | %
Risk-free interest rate |  | 3.18 | %
The following assumptions were used to determine the grant date fair value and the derived service period for these restricted common shares:
Dividend yield |  | 2.71 | %
Expected volatility |  | 41.50 | %
Risk-free interest rate |  | 0.32 | %
The following assumptions were used to determine the grant date fair value and the derived service period for these restricted common shares:
Dividend yield |  | 2.69 | %
Expected volatility |  | 34.90 | %
Risk-free interest rate |  | 1.60 | %
The following assumptions were used to determine the grant date fair value and the derived service period for these restricted common shares:
Dividend yield |  | 2.16 | %
Expected volatility |  | 33.60 | %
Risk-free interest rate |  | 2.96 | %
Performance Shares Granted | The table below sets forth the performance shares we granted (at target levels) during fiscal 2023, fiscal 2022 and fiscal 2021:
(In thousands, except per common share amounts) |  | 2023 |  |  | 2022 |  |  | 2021 |
Granted |  |  | 68 |  |  |  | 36 |  |  |  | 64 |
Weighted average grant date fair value, per common share |  | $ | 46.39 |  |  | $ | 60.19 |  |  | $ | 36.93 |
Pre-tax stock-based compensation |  | $ | 3,153 |  |  | $ | 2,191 |  |  | $ | 2,362 |
Summary of Performance Share Award Activity | The following table summarizes our performance share award activity for the past three fiscal years:
|  | 2023 |  |  |  |  |  |  | 2022 |  |  |  |  |  |  | 2021 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  | Average |  |  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  | Grant |  |  |  |  |  | Grant |  |  |  |  |  | Grant |
| Performance |  |  | Date Fair |  |  | Performance |  |  | Date Fair |  |  | Performance |  |  | Date Fair |
(In thousands, except per common share amounts) | Shares |  |  | Value |  |  | Shares |  |  | Value |  |  | Shares |  |  | Value |
Outstanding, beginning of year |  | 160 |  |  | $ | 42.93 |  |  |  | 177 |  |  | $ | 39.23 |  |  |  | 158 |  |  | $ | 42.45 |
Granted (1) |  | 118 |  |  |  | 43.40 |  |  |  | 67 |  |  |  | 52.22 |  |  |  | 65 |  |  |  | 36.93 |
Vested |  | (89 | ) |  |  | 38.91 |  |  |  | (65 | ) |  |  | 42.82 |  |  |  | (3 | ) |  |  | 47.76 |
Forfeited |  | (17 | ) |  |  | 39.36 |  |  |  | (19 | ) |  |  | 41.80 |  |  |  | (43 | ) |  |  | 46.86 |
Outstanding, end of year |  | 172 |  |  | $ | 46.37 |  |  |  | 160 |  |  | $ | 42.93 |  |  |  | 177 |  |  | $ | 39.23 |
Weighted average remaining contractual life of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding performance shares (in years) |  | 1.59 |  |  |  |  |  |  | 0.90 |  |  |  |  |  |  | 1.17 |  |  |  |
Aggregate intrinsic value of outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
performance shares | $ | 9,636 |  |  |  |  |  | $ | 7,445 |  |  |  |  |  | $ | 11,730 |  |  |  |
Aggregate intrinsic value of performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares vested during the year | $ | 4,056 |  |  |  |  |  | $ | 3,994 |  |  |  |  |  | $ | 100 |  |  |  |
(1) Includes common shares related to previously granted awards that paid out at percentages above target levels.

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