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v3.25.2

Equity Compensation Plans and Other Incentive Compensation (Tables) | 12 Months Ended
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May 31, 2025
Stock Option Activity |
(option amounts in thousands) |  | Options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Grant Date Fair Value |
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 |
Granted |  |  | 1,949 |  |  |  | 15.43 |  |  |  | 5.98 |
Exercised |  |  | (11 | ) |  |  | 13.61 |  |  |  | 4.44 |
Forfeited |  |  | (1,224 | ) |  |  | 30.27 |  |  |  | 7.26 |
Outstanding at May 31, 2024 (1,518 exercisable) |  |  | 4,936 |  |  |  | 20.41 |  |  |  | 6.12 |
Granted |  |  | 2,002 |  |  |  | 15.47 |  |  |  | 4.96 |
Exercised |  |  | (23 | ) |  |  | 14.50 |  |  |  | 4.59 |
Forfeited |  |  | (988 | ) |  |  | 27.92 |  |  |  | 7.10 |
Outstanding at May 31, 2025 ( 2,142 exercisable) |  |  | 5,927 |  |  | $ | 17.51 |  |  | $ | 5.56 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding at May 31, 2025:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Average Contractual |  |  | Weighted-Average |  |  |  |  |  | Weighted-Average |
(option amounts in thousands) |  |  |  |  | Life |  |  | Exercise |  |  |  |  |  | Exercise |
Range of Exercise Price |  | Number |  |  | (in years) |  |  | Price |  |  | Number |  |  | Price |
$5.14 - $20.00 |  |  | 5,129 |  |  |  | 5.5 |  |  | $ | 14.93 |  |  |  | 1,552 |  |  | $ | 14.34 |
$20.01 - $28.00 |  |  | 78 |  |  |  | 3.5 |  |  |  | 23.57 |  |  |  | 78 |  |  |  | 23.57 |
$28.01 - $36.00 |  |  | 452 |  |  |  | 1.2 |  |  |  | 31.87 |  |  |  | 344 |  |  |  | 32.16 |
$36.01 - $42.46 |  |  | 268 |  |  |  | 1.4 |  |  |  | 40.96 |  |  |  | 168 |  |  |  | 41.02 |
|  |  | 5,927 |  |  |  | 4.9 |  |  | $ | 17.51 |  |  |  | 2,142 |  |  | $ | 19.63 |
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 $13,488 at May 31, 2025, with a weighted average expense recognition period of 1.8 years.
|  | Year Ended May 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Aggregate intrinsic value of options outstanding |  | $ | 113 |  |  | $ | 55 |  |  | $ | 6,154 |
Aggregate intrinsic value of options exercisable |  |  | — |  |  | $ | 5 |  |  | $ | 42 |
Aggregate intrinsic value of options exercised |  | $ | 46 |  |  | $ | 37 |  |  | $ | 73 |
The fair value of stock options granted was estimated using the following weighted-average assumptions:
|  | Year Ended May 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 3.7 | % |  |  | 4.7 | % |  |  | 3.3 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected stock volatility |  |  | 38.1 | % |  |  | 37.3 | % |  |  | 34.0 | %
Expected option life |  | 3.4 years |  |  | 4.5 years |  |  | 4.5 years |
Restricted Stock Units (RSUs) [Member] |
Schedule of Nonvested Restricted Stock Units Activity |
(RSU amounts in thousands) |  | RSUs |  |  | Weighted Average Grant Date Fair Value |
Outstanding at May 31, 2023 |  |  | 766 |  |  | $ | 19.30 |
Granted |  |  | 574 |  |  |  | 15.55 |
Released |  |  | (230 | ) |  |  | 18.53 |
Forfeited |  |  | (149 | ) |  |  | 19.98 |
Outstanding at May 31, 2024 |  |  | 961 |  |  |  | 17.17 |
Granted |  |  | 537 |  |  |  | 15.49 |
Released |  |  | (374 | ) |  |  | 16.89 |
Forfeited |  |  | (120 | ) |  |  | 17.47 |
Outstanding at May 31, 2025 |  |  | 1,004 |  |  | $ | 16.25 |

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