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Share-Based Compensation Plans | 3 Months Ended
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May 31, 2014
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 fiscal quarter ended May 31, 2014, the Company had the following share-based compensation activity: · We granted options to purchase 231,500 shares of common stock at an exercise price of $64.19 per share to certain of our officers and employees. The fair values of the options were estimated using the Black-Scholes option pricing model to estimate fair values ranging from $25.03 to $26.05 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 for grants with terms of four and five years; risk-free interest rates ranging from 1.28 to 1.40 percent; zero dividend yield; and expected volatilities ranging from 48.38 to 48.51 percent. · We issued 2,628 restricted shares to non-employee Board members with a grant date fair value of $0.17 million, or $65.99 per share. · Performance stock units and restricted stock awards with our former CEO covering 100,000 shares and 62,304 shares of common stock, respectively, vested and/or settled at a fair value of $67.10 per share. As payment for the related federal tax obligations arising from the settlement and vesting of these awards, 68,086 shares were withheld by the Company. · Employees and directors exercised stock options to purchase 72,969 and 20,000 shares of common stock, respectively. We recorded the following share-based compensation expense in SG&A for the periods covered below: SHARE-BASED PAYMENT EXPENSE (in thousands, except per share data)
|  |  | Three months ended May 31, |
|  |  | 2014 |  |  | 2013 |
Stock options |  |  | $ | 704 |  |  | $ | 589 |
Directors stock compensation |  |  | 247 |  |  | 137 |
Performance-based and other stock awards |  |  | 418 |  |  | 2,693 |
Share-based payment expense |  |  | 1,369 |  |  | 3,419 |
Less income tax benefits |  |  | (127 | ) |  | (723 | )
Share-based payment expense, net of income tax benefits |  |  | $ | 1,243 |  |  | $ | 2,696 |
Earnings per share impact of share-based payment expense: |  |  |  |  |  |  |
Basic |  |  | $ | 0.04 |  |  | $ | 0.08 |
Diluted |  |  | $ | 0.04 |  |  | $ | 0.08 |

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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 Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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