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Accounting for Stock-Based Compensation
6 Months Ended
Nov. 30, 2014
Accounting for Stock-Based Compensation  
Accounting for Stock-Based Compensation

 

Note 3 — Accounting for Stock-Based Compensation

 

Restricted Stock

 

In July 2014, as part of our annual long-term stock incentive compensation, we granted 192,250 shares of performance-based restricted stock and 95,956 shares of time-based restricted stock to eligible employees.  The grant date fair value per share for both grants was $26.08.  In June 2014, we also granted 45,000 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $24.50.  No restricted stock was granted in the three-month period ended November 30, 2014.  Expense charged to operations for restricted stock was $1.4 million and $1.4 million during the three months ended November 30, 2014 and 2013, respectively, and $2.7 million and $2.5 million during the six months ended November 30, 2014 and 2013, respectively.

 

Stock Options

 

The total intrinsic value of stock options exercised during the six-month periods ended November 30, 2014 and 2013 was $1.1 million and $3.7 million, respectively.  Expense charged to operations for stock options was $0.7 million and $1.0 million during the three months ended November 30, 2014 and 2013, respectively, and $1.4 million and $1.5 million during the six months ended November 30, 2014 and 2013, respectively.