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v3.23.2

Equity Compensation Plans (Tables) | 12 Months Ended
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May 31, 2023
Stock Option Activity |
(options in thousands) |  | Options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at May 31, 2020 (972 exercisable) |  |  | 4,324 |  |  | $ | 27.98 |  |  | $ | 6.98 |
Granted |  |  | 403 |  |  |  | 34.23 |  |  |  | 7.71 |
Exercised |  |  | (1,389 | ) |  |  | 24.38 |  |  |  | 6.31 |
Forfeited |  |  | (381 | ) |  |  | 28.99 |  |  |  | 7.20 |
Outstanding at May 31, 2021 (643 exercisable) |  |  | 2,957 |  |  |  | 27.98 |  |  |  | 6.98 |
Granted |  |  | 615 |  |  |  | 36.42 |  |  |  | 8.49 |
Exercised |  |  | (281 | ) |  |  | 22.79 |  |  |  | 6.29 |
Forfeited |  |  | (47 | ) |  |  | 33.93 |  |  |  | 8.02 |
Outstanding at May 31, 2022 (1,191 exercisable) |  |  | 3,244 |  |  |  | 32.13 |  |  |  | 7.66 |
Granted |  |  | 1,704 |  |  |  | 14.68 |  |  |  | 4.61 |
Exercised |  |  | (22 | ) |  |  | 14.78 |  |  |  | 4.23 |
Forfeited |  |  | (704 | ) |  |  | 29.81 |  |  |  | 7.26 |
Outstanding at May 31, 2023 (1,401 exercisable) |  |  | 4,222 |  |  |  | 25.56 |  |  |  | 6.51 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding at May 31, 2023:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Average |  |  |  |  |  |  |  |  |  |
(options in thousands) |  |  |  |  | Contractual Life |  |  | Weighted-Average |  |  |  |  |  | Weighted-Average |
Range of Exercise Price |  | Number |  |  | (in years) |  |  | Exercise Price |  |  | Number |  |  | Exercise Price |
$12.20 - $20.00 |  |  | 1,585 |  |  |  | 6.3 |  |  | $ | 13.63 |  |  |  | 27 |  |  | $ | 15.95 |
$20.01 - $28.00 |  |  | 138 |  |  |  | 6.7 |  |  |  | 25.11 |  |  |  | 90 |  |  |  | 23.93 |
$28.01 - $36.00 |  |  | 2,124 |  |  |  | 1.8 |  |  |  | 31.77 |  |  |  | 1,205 |  |  |  | 31.84 |
$36.01 - $42.15 |  |  | 375 |  |  |  | 3.4 |  |  |  | 40.94 |  |  |  | 79 |  |  |  | 40.99 |
|  |  | 4,222 |  |  |  | 3.8 |  |  | $ | 25.56 |  |  |  | 1,401 |  |  | $ | 31.54 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options Intrinsic Value | Remaining compensation cost to be expensed in future periods for non-vested options was $11,729 at May 31, 2023, with a weighted average expense recognition period of 2.4 years.
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Aggregate intrinsic value of options outstanding |  | $ | 6,154 |  |  | $ | 850 |  |  | $ | 46,667 |
Aggregate intrinsic value of options exercisable |  | $ | 42 |  |  | $ | 817 |  |  | $ | 11,617 |
Aggregate intrinsic value of options exercised |  | $ | 73 |  |  | $ | 5,507 |  |  | $ | 22,349 |
The fair value of stock options granted was estimated using the following weighted-average assumptions:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 3.3 | % |  |  | 0.4 | % |  |  | 0.2 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected stock volatility |  |  | 34.0 | % |  |  | 32.8 | % |  |  | 31.3 | %
Expected option life |  | 4.5 years |  |  | 3.12 years |  |  | 3.25 years |
Restricted Stock Units (RSUs) [Member] |
Schedule of Nonvested Restricted Stock Units Activity |
(RSU Grants in thousands) |  | RSUs |  |  | Weighted Average Grant Date Fair Value |
Outstanding at May 31, 2021 |  |  | 121 |  |  | $ | 34.21 |
Granted |  |  | 169 |  |  |  | 37.28 |
Released |  |  | (25 | ) |  |  | 34.24 |
Forfeited |  |  | (8 | ) |  |  | 36.80 |
Outstanding at May 31, 2022 |  |  | 257 |  |  |  | 36.14 |
Granted |  |  | 596 |  |  |  | 13.83 |
Released |  |  | (60 | ) |  |  | 35.14 |
Forfeited |  |  | (27 | ) |  |  | 22.81 |
Outstanding at May 31, 2023 |  |  | 766 |  |  |  | 19.30 |

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