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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

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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