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Share-Based Compensation Plans | 9 Months Ended
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Nov. 30, 2013
Share-Based Compensation Plans |
Share-Based Compensation Plans | Note 14 – Share-Based Compensation Plans We have share-based awards outstanding under two expired and three active share-based compensation plans. During the three- and nine-months ended November 30, 2013, the Company granted options to purchase 4,000 and 262,750 shares of common stock, respectively, to certain of our officers, employees and new hires. For the fiscal year-to-date, these options were granted at exercise prices ranging from $36.03 to $46.38 per share. The fair values of the options were estimated using the Black-Scholes option pricing model to estimate fair values ranging from $10.82 to $13.39 for grants with terms of four and five years. The following assumptions were used for the grants: expected lives ranging from 4.05 to 4.35 years; risk-free interest rates ranging from 0.55 to 1.14 percent; zero dividend yield; and expected volatilities ranging from 34.87 to 41.67 percent. During the three- and nine-month periods ending November 30, 2013, the Company awarded restricted stock grants with total values of $0.15 and $0.44 million, respectively, to certain Board members based upon fair values at the date of grant ranging from $36.56 to $40.23, respectively. Over the same three- and nine-month periods, the grants were settled with 2,628 and 7,884 restricted shares, respectively, and cash of $0.05 and $0.13 million, respectively. The restricted stock awards vested immediately. In the first quarter of fiscal year 2014, under the terms of his employment agreement, bonus plan and relevant stock plans, our CEO earned and received the following equity awards as a component of his fiscal year 2013 performance-based incentive compensation: · 159,666 shares of restricted stock with a total grant date fair value of $5.68 million, or $35.55 per share, which vest on February 28, 2015; and · 100,000 Performance RSUs, originally granted on March 1, 2012 with an original grant date fair market value of $3.29 million, or $32.88 per share, of which 33,400 shares vested on April 22, 2013, 33,300 shares vest on February 28, 2014 and 33,300 shares vest on February 28, 2015. We are recording the expense for these awards in accordance with their vesting over their related service periods. Accruals for the CEO’s remaining Performance RSUs and the CEO’s restricted stock awards associated with his annual bonus are subject to the achievement of specified performance goals for the fiscal year and are estimated until earned, subject to a probability assessment of achieving the associated performance criteria. These accruals and the service period expense associated with the CEO’s fiscal year 2013 and 2014 awards are shown in the line below entitled “Performance-based restricted stock awards and units.” During the three- and nine-months ended November 30, 2013, employees and directors exercised stock options to purchase 17,139 and 170,859 shares of common stock, respectively. During the nine months ended November 30, 2013, employees purchased 20,028 shares of common stock through our Employee Stock Purchase Plan. We recorded share-based compensation expense in SG&A for the periods covered in the accompanying consolidated condensed financial statements as follows: SHARE-BASED PAYMENT EXPENSE (in thousands, except per share data)
|  | Three Months Ended November 30, |  | Nine Months Ended November 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Stock options |  | $ | 589 |  | $ | 572 |  | $ | 1,791 |  | $ | 1,731 |
Directors stock compensation |  | 151 |  | 120 |  | 438 |  | 357 |
Performance-based restricted stock awards and units |  | 1,708 |  | 701 |  | 6,944 |  | 2,296 |
Employee stock purchase plan |  | - |  | 2 |  | 158 |  | 140 |
Share-based payment expense |  | 2,448 |  | 1,395 |  | 9,331 |  | 4,524 |
Less income tax benefits |  | (466) |  | (203) |  | (1,877) |  | (661 | )
Share-based payment expense, net of income tax benefits |  | $ | 1,982 |  | $ | 1,192 |  | $ | 7,454 |  | $ | 3,863 |
Earnings per share impact of share-based payment expense: |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.06 |  | $ | 0.04 |  | $ | 0.23 |  | $ | 0.12 |
Diluted |  | $ | 0.06 |  | $ | 0.04 |  | $ | 0.23 |  | $ | 0.12 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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