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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Feb. 28, 2015

Share-based compensation plans

Schedule of shares authorized for issuance under the stock incentive plan

Shares originally authorized														3,750,000
Less cumulative stock option grants issued, net of forfeitures														(1,154,860)
Less restricted share awards previously vested and settled														(421,970)
Subtotal														2,173,170
Less maximum RSUs issuable upon vesting (1)														(28,937)
Less estimated maximum PSUs issuable upon vesting (1)														(178,101)
Shares available for issuance														1,966,132

(1) RSUs and PSUs potentially issuable are estimated by dividing the maximum payouts of $1.69 and $10.39 million, respectively (assuming no forfeitures), by grant date weighted average fair values of $58.36 and $58.34 per share, respectively.

Schedule of share-based compensation expense in SG&A (in thousands, except per share data)

		Fiscal Years Ended the Last Day of February,
		2015			2014			2013
Stock options		$	3,279		$	2,380		$	2,298
Directors stock compensation			816			619			473
Performance based and other stock awards (1)			1,732			13,446			2,988
CEO separation compensation (2)			-			15,000			-
Employee stock purchase plan			391			424			296
Share-based payment expense			6,218			31,869			6,055
Less income tax benefits			(661)			(5,709)			(858)
Share-based payment expense, net of income tax benefits		$	5,557		$	26,160		$	5,197
Earnings per share impact of share based payment expense:
Basic		$	0.19		$	0.82		$	0.16
Diluted		$	0.19		$	0.81		$	0.16

The table above includes the following awards recognized in accordance with the terms of our former CEO’s Employment and Separation Agreements:

(1) Includes RSAs for 159,666 shares of common stock for fiscal year 2013 with a fair value at the date of the award of $35.55 per share, vested and settled at the end of February 2014, and RSAs for 62,304 shares of common stock for fiscal year 2014 with a fair value at the date of the award of  $67.10 per share, vested in April 2014.  For both fiscal years 2014 and 2013, PSUs for 100,000 shares of common stock having a fair value at the date of grant of $32.88 were awarded in accordance with the terms of our former CEO’s employment agreement.  PSUs for 166,600 and 34,400 shares of common stock vested and settled in April 2014 and April 2013, respectively.

(2) $15 million in aggregate fair value of shares of common stock, awarded under the terms of the employment agreement with our former CEO.

Schedule of assumptions used for fair value of stock option grants

		Fiscal Years Ended the Last Day of February
		2015		2014		2013
Range of risk free interest rates used		1.2% - 1.5%		0.6% - 1.3%		0.1% - 0.9%
Expected dividend rate		0.0%		0.0%		0.0%
Weighted average volatility rate		48.0%		38.8%		51.4%
Range of expected volatility rates used		35.3% - 50.5%		34.0% - 41.7%		45.7% - 55.3%
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, 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
Grants		257			63.84			25.22
Exercises		(187)			29.70									6,498
Forfeitures / expirations		(141)			40.67
Outstanding at February 28, 2015		768		$	42.76		$	16.28			6.59		$	26,008
Exercisable at February 28, 2015		94		$	28.32		$	11.23			4.72		$	4,523

Schedule of non-vested option activity (in thousands, except per share data)

													Weighted
													Average
											Non-		Grant Date
											Vested		Fair Value
											Options		(per share)
Outstanding at March 1, 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
Grants											257			25.22
Vested or forfeited											(311)			13.87
Outstanding at February 28, 2015											674		$	16.98

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		$	6,405		35.0
Restricted Stock Units (RSUs and PSUs)			3,585		22.1

Restricted stock (RSA)

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 (1)								160			35.55
Vested and issued								-			-
Due for Issue at February 28, 2013 (2)								160		$	35.55		$	5,920
Earned (2)								62			67.10
Vested and issued (1)								(160)			35.55
Due for issue at February 28, 2014								62		$	67.10		$	4,073
Vested and issued (2)								(62)			67.10
Due for issue at February 28, 2015								-		$	-		$	-

The schedule above includes the following awards earned based on fiscal years 2013 and 2014 performance and vested in accordance with the terms of our former CEO’s employment agreement: 

(1) Fiscal year 2013 RSAs, which vested on February 28, 2014.

(2) Fiscal year 2014 RSAs, which vested on April 22, 2014.

Restricted Stock Units (RSU)

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
Granted (4)								118			58.35
Vested (3)								(100)		$	32.88
Outstanding at February 28, 2015								118		$	58.35		$	9,041

The schedule above includes the following awards and forfeitures recognized in accordance with the terms of our former CEO’s employment agreement:

(1) Includes fiscal year 2013 PSUs for 100,000 shares of common stock. 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) PSUs for 500,000 shares of common stock were forfeited.

(3) Includes fiscal year 2014 PSUs for 100,000 shares of common stock, which were vested and settled on April 22, 2014 at a fair value of $67.10 per share.

(4) Includes target level RSUs and PSUs granted to its current CEO and certain members of the management team in connection with new long-term incentive compensation instituted by the Company in fiscal year 2015.

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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