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Stock-Based Compensation (Tables) | 12 Months Ended
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Nov. 30, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | A summary of stock option activity under all the plans is as follows:
| Shares |  | Weighted Average |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value(1)
| (in thousands) |  | Exercise Price |  | (in years) |  | (in thousands)
Options outstanding, December 1, 2020 | 1,673 |  |  | $ | 39.28 |  |  |  |  |
Granted | 645 |  |  | 43.17 |  |  |  |  |
Exercised | (195) |  |  | 35.82 |  |  |  |  |
Canceled | (108) |  |  | 42.85 |  |  |  |  |
Options outstanding, November 30, 2021 | 2,015 |  |  | $ | 40.67 |  |  | 4.6 |  | $ | 16,330 |
Exercisable, November 30, 2021 | 938 |  |  | $ | 38.84 |  |  | 3.6 |  | $ | 9,509 |
Vested or expected to vest, November 30, 2021 | 2,015 |  |  | $ | 40.67 |  |  | 4.6 |  | $ | 16,330 |
(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2021 of $48.46 and the exercise prices for all options outstanding.
Summary of Status of Restricted Stock Units | A summary of restricted stock units' activity is as follows (in thousands, except per share data):
| Number of Shares |  | Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2020 | 796 |  |  | $ | 42.63 |
Granted | 551 |  |  | 43.73 |
Issued | (326) |  |  | 41.79 |
Canceled | (143) |  |  | 46.37 |
Restricted stock units outstanding, November 30, 2021 | 878 |  |  | $ | 43.06 |
Schedule of Valuation Assumptions | We estimated the fair value of stock options and ESPP awards granted in fiscal years 2021, 2020, and 2019 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:
| Fiscal Year Ended
| November 30, 2021 |  | November 30, 2020 |  | November 30, 2019
Stock options: |  |  |  |  |
Expected volatility | 30.0 | % |  | 29.0 | % |  | 25.0 | %
Risk-free interest rate | 0.5 | % |  | 1.1 | % |  | 2.5 | %
Expected life (in years) | 4.8 |  | 4.8 |  | 4.8
Expected dividend yield | 1.6 | % |  | 1.6 | % |  | 1.8 | %
Employee stock purchase plan: |  |  |  |  |
Expected volatility | 33.1 | % |  | 38.2 | % |  | 30.6 | %
Risk-free interest rate | 0.1 | % |  | 0.2 | % |  | 2.3 | %
Expected life (in years) | 1.3 |  | 1.3 |  | 1.6
Expected dividend yield | 1.5 | % |  | 2.0 | % |  | 1.7 | %
Long-term incentive plan: |  |  |  |  |
Expected volatility | 36.3 | % |  | 34.7 | % |  | 32.2 | %
Risk-free interest rate | 0.2 | % |  | 1.1 | % |  | 2.5 | %
Expected life (in years) | 2.8 |  | 2.8 |  | 2.8
Expected dividend yield | — | % |  | — | % |  | 1.7 | %
Stock Options and Stock Awards Activity | The following additional activity occurred under our plans (in thousands):
| Fiscal Year Ended
| November 30, 2021 |  | November 30, 2020 |  | November 30, 2019
Total intrinsic value of stock options on date exercised | $ | 2,523 |  |  | $ | 1,340 |  |  | $ | 1,388 |
Total fair value of deferred stock units on date vested | 2,084 |  |  | 1,547 |  |  | 1,853 |
Total fair value of restricted stock units on date vested | 16,018 |  |  | 15,499 |  |  | 14,720 |
Classification of Stock-Based Compensation | The following table provides the classification of stock-based compensation as reflected in our consolidated statements of operations (in thousands):
| Fiscal Year Ended
| November 30, 2021 |  | November 30, 2020 |  | November 30, 2019
Cost of maintenance and services | $ | 1,561 |  |  | $ | 1,336 |  |  | $ | 1,134 |
Sales and marketing | 6,055 |  |  | 4,462 |  |  | 4,155 |
Product development | 8,104 |  |  | 7,286 |  |  | 7,205 |
General and administrative | 14,004 |  |  | 10,398 |  |  | 10,817 |
Total stock-based compensation | $ | 29,724 |  |  | $ | 23,482 |  |  | $ | 23,311 |
Income tax benefit included in the provision for income taxes | $ | 5,281 |  |  | $ | 4,541 |  |  | $ | 4,661 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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