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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Feb. 28, 2014
SHARE-BASED COMPENSATION PLANS |
Schedule of share-based payment expense | (in thousands, except per share data)
|  | Fiscal Years Ended the Last Day of February, |
|  | 2014 |  | 2013 |  | 2012 |
Stock options |  | $ | 2,380 |  | $ | 2,298 |  | $ | 2,061 |
Directors stock compensation |  |  | 619 |  | 473 |  | 531 |
Performance based restricted stock awards (1) |  |  | 7,968 |  | 2,988 |  | - |
Performance based restricted stock units (2) |  |  | 5,478 |  | - |  | - |
CEO separation compensation (3) |  |  | 15,000 |  | - |  | - |
Employee stock purchase plan |  |  | 424 |  | 296 |  | 336 |
Share-based payment expense |  |  | 31,869 |  | 6,055 |  | 2,928 |
Less income tax benefits |  |  | (5,709) |  | (858) |  | (99) |
Share-based payment expense, net of income tax benefits |  | $ | 26,160 |  | $ | 5,197 |  | $ | 2,829 |
Earnings per share impact of share based payment expense: |  |  |  |  |  |  |  |
Basic |  | $ | 0.82 |  | $ | 0.16 |  | $ | 0.09 |
Diluted |  | $ | 0.81 |  | $ | 0.16 |  | $ | 0.09 |
The table above includes the following awards recognized in accordance with the terms of our former CEO’s Employment and Separation Agreements: (1) RSAs of 159,666 for fiscal year 2013 with a fair value at the date of the award of $35.55 per share, vested and settled on February 28, 2014, and 62,304 RSAs for fiscal year 2014 with a fair value at the date of the award of $67.10 per share, vested on April 22, 2014. (2) Performance RSUs of 66,600 for fiscal year 2013 and 100,000 for fiscal year 2014, having a fair value at the date of each grant of $32.88. (3) $15 million in aggregate fair value of shares of common stock, to be settled on September 1, 2014 per the terms of the Separation Agreement with our former CEO.
Schedule of assumptions used for fair value of stock option grants |
|  | Fiscal Years Ended the Last Day of February, |
|  | 2014 |  | 2013 |  | 2012 |
Range of risk free interest rates used |  | 0.6% - 1.3% |  | 0.1% - 0.9% |  | 0.6% - 1.5% |
Expected dividend rate |  | 0.0% |  | 0.0% |  | 0.0% |
Weighted average volatility rate |  | 38.8% |  | 51.4% |  | 52.5% |
Range of expected volatility rates used |  | 34.0% - 41.7% |  | 45.7% - 55.3% |  | 51.4% - 65.9% |
Range of expected terms used (in years) |  | 4.1 - 4.4 |  | 4.1 - 4.4 |  | 4.1 - 4.4 |
Summary of option activity | (in thousands, except contractual term and per share data)
|  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  | Weighted |  | Weighted |  | Average |  |  |
|  |  |  | Average |  | Average |  | Remaining |  |  |
|  |  |  | Exercise |  | Grant Date |  | Contractual |  |  |
|  |  |  | Price |  | Fair Value |  | Term |  | Intrinsic |
|  | Options |  | (per share) |  | (per share) |  | (in years) |  | Value |
Outstanding at March 1, 2011 |  | 2,510 |  | $ | 17.64 |  | $ | 6.40 |  | 3.05 |  | $ | 26,054 |
Grants |  | 379 |  | 32.71 |  | 13.13 |  |  |  |  |
Exercises |  | (1,907 | ) | 16.10 |  | 36,912 |  |  |  |  |
Forfeitures / expirations |  | (111 | ) | 27.91 |  |  |  |  |  |  |
Outstanding at February 29, 2012 |  | 871 |  | 26.26 |  | 10.31 |  | 5.78 |  | 5,570 |
Grants |  | 309 |  | 34.57 |  | 14.09 |  |  |  |  |
Exercises |  | (248 | ) | 22.88 |  | 2,634 |  |  |  |  |
Forfeitures / expirations |  | (68 | ) | 30.23 |  |  |  |  |  |  |
Outstanding at February 28, 2013 |  | 864 |  | 29.89 |  | 11.98 |  | 6.26 |  | 6,209 |
Grants |  | 264 |  | 36.45 |  | 11.61 |  |  |  |  |
Exercises |  | (239 | ) | 25.36 |  | 4,663 |  |  |  |  |
Forfeitures / expirations |  | (50 | ) | 33.55 |  |  |  |  |  |  |
Outstanding at February 28, 2014 |  | 839 |  | $ | 33.03 |  | $ | 12.38 |  | 6.48 |  | $ | 27,081 |
Exercisable at February 28, 2014 |  | 111 |  | $ | 25.85 |  | $ | 10.05 |  | 4.06 |  | $ | 4,389 |
Schedule of unrecognized share-based compensation expense | (in thousands, except weighted average expense period data)
|  |  |  | Weighted |
|  |  |  | Average |
|  | Unrecognized |  | Period of |
|  | Compensation |  | Recognition |
|  | Expense |  | (in months) |
Stock options |  | $ | 6,127 |  | 30.9 |
Stock Options |
Share-based compensation plans |
Schedule of non-vested option activity |
(in thousands, except per share data) |  |  |  |  |
|  |  |  | Weighted |
|  |  |  | Average |
|  |  |  | Grant Date |
|  | Non-Vested |  | Fair Value |
|  | Options |  | (per share) |
Outstanding at March 1, 2011 |  | 496 |  | $ | 8.42 |
Grants |  | 379 |  | 13.13 |
Vested or forfeited |  | (258 | ) | 9.19 |
Outstanding at February 29, 2012 |  | 617 |  | 10.99 |
Grants |  | 309 |  | 14.09 |
Vested or forfeited |  | (237 | ) | 10.29 |
Outstanding at February 28, 2013 |  | 689 |  | 12.62 |
Grants |  | 264 |  | 11.61 |
Vested or forfeited |  | (225 | ) | 11.06 |
Outstanding at February 28, 2014 |  | 728 |  | $ | 12.74 |
Restricted Stock Units |
Share-based compensation plans |
Summary of award activity |
(in thousands, except per share data) |  |  |  |  |  |  |
|  |  |  | Weighted |  |  |
|  |  |  | Average |  |  |
|  | Restricted |  | Grant Date |  |  |
|  | Stock |  | Fair Value |  | Fair Value |
|  | Units |  | (per share) |  | Outstanding |
Outstanding at March 1, 2012 |  | - |  | $ | - |  | $ | - |
Granted |  | 700 |  | 32.88 |  |  |
Vested |  | - |  | - |  |  |
Outstanding at February 28, 2013 |  | 700 |  | 32.88 |  | 25,956 |
Vested (1) |  | (100 | ) | 32.88 |  |  |
Forfeited (2) |  | (500 | ) | 32.88 |  |  |
Outstanding at February 28, 2014 (3) |  | 100 |  | $ | 32.88 |  | $ | 6,531 |
The schedule above includes the following awards and forfeitures recognized in accordance with the terms of our former CEO’s Employment and Separation Agreements: (1) Includes 100,000 fiscal year 2013 Performance RSUs. 33,400 vested and settled on April 22, 2013 at a fair value of $35.55 per share and 66,600 vested and settled on February 28, 2014 at a fair value of $65.31 per share. (2) 500,000 Performance RSUs were forfeited. (3) Includes 100,000 fiscal year 2014 Performance RSUs, which were vested and settled on April 22, 2014 at a fair value of $67.10 per share.
Restricted Stock Awards |
Share-based compensation plans |
Summary of award activity |
(in thousands, except per share data) |  |  |  |  |  |  |
|  |  |  | Weighted |  |  |
|  |  |  | Average |  |  |
|  | Restricted |  | Grant Date |  |  |
|  | Stock |  | Fair Value |  | Fair Value |
|  | Awards |  | (per share) |  | Outstanding |
Due for issue at March 1, 2012 |  | - |  | $ | - |  | $ | - |
Earned (2) |  | 160 |  | 35.55 |  |  |
Vested and issued |  | - |  | - |  |  |
Due for Issue at February 28, 2013 (2) |  | 160 |  | $ | 35.55 |  | $ | 5,920 |
Earned (1) |  | 62 |  | 67.10 |  |  |
Vested and issued |  | (160 | ) | 35.55 |  |  |
Due for issue at February 28, 2014 (1) |  | 62 |  | $ | 67.10 |  | $ | 4,073 |
The schedule above includes the following awards earned based on fiscal years 2014 and 2013 performance and vested in accordance with the terms of our former CEO’s Employment and Separation Agreements: (1) Fiscal year 2014 RSAs, which vested on April 22, 2014. (2) Fiscal year 2013 RSAs, were vested on February 28, 2014.

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