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Accounting for Stock-Based Compensation | 6 Months Ended
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Nov. 30, 2023
Accounting for Stock-Based Compensation |
Accounting for Stock-Based Compensation | Note 5 – Accounting for Stock-Based Compensation ​ Restricted Stock ​ In the three-month period ended August 31, 2023, as part of our annual long-term stock incentive compensation, we granted 81,100 shares of performance-based restricted stock and 87,130 shares of time-based restricted stock to eligible employees. The grant date fair value per share for these shares was $58.27 (the closing price per share of our common stock on the grant date). We also granted 21,834 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $51.51 (the closing price per share of our common stock on the grant date). ​ Expenses charged to operations for restricted stock during the three-month periods ended November 30, 2023 and 2022 was $2.9 million and $1.9 million, respectively, and during the six-month periods ended November 30, 2023 and 2022 was $6.3 million and $4.9 million, respectively. Stock Options ​ In July 2023, as part of our annual long-term stock incentive compensation, we granted 141,545 stock options to eligible employees at an exercise price per share of $58.27 and grant date fair value per share of $25.31. The fair value of stock options was estimated using the Black-Scholes option pricing model with the following assumptions: ​
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Risk-free interest rate |  | 4.1 | %
Expected volatility of common stock |  | 42.3 | %
Dividend yield |  | 0.0 | %
Expected option term in years |  | 5.1 | ​
​ The total intrinsic value of stock options exercised during the six-month periods ended November 30, 2023 and 2022 was $13.7 million and $2.7 million, respectively. Expenses charged to operations for stock options during the three-month periods ended November 30, 2023 and 2022 was $0.7 million and $0.9 million, respectively, and during the six-month periods ended November 30, 2023 and 2022 was $1.6 million and $2.0 million, respectively.

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