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Share-Based Compensation Plans | 3 Months Ended
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May. 31, 2015
Share-Based Compensation Plans |
Share-Based Compensation Plans | Note 15 – Share-Based Compensation Plans We have share-based awards outstanding under several share-based compensation plans. During the fiscal quarter ended May 31, 2015, the Company had the following share-based compensation activity:
| · |  | We granted options to purchase 145,500 shares of common stock to certain employees. The fair values of these options were estimated using the Black-Scholes option pricing model to estimate fair values ranging from $24.34 to $29.68 for grants with terms of four and five y ears. The following assumptions were used for the grants: expected lives ranging from 4.05 to 4.35 years; risk-free interest rates ranging from 1.28 to 1.37 percent; zero dividend yield; and expected volatilities ranging from 37.26 to 39.48 percent.
| · |  | We issued 1,575 restricted shares to non-employee Board members with total grant date fair values of $0.12 million and a share price of $78.11.
| · |  | During the fiscal quarter ended May 31, 2015, we issued 2,000 shares of common stock to our CEO at a fair value of $89.12 per share.
| · |  | Employees exercised stock options to purchase 106,825 shares of common stock.
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,
|  | 2015 |  | 2014
Stock options |  | $ | 693 |  | $ | 704
Directors stock compensation |  |  | 175 |  |  | 247
Performance based and other stock awards |  |  | 1,245 |  |  | 418
Share-based payment expense |  |  | 2,113 |  |  | 1,369
Less income tax benefits |  |  | (319) |  |  | (127)
Share-based payment expense, net of income tax benefits |  | $ | 1,794 |  | $ | 1,243
Earnings per share impact of share based payment expense: |  |  |  |  |  |
Basic |  | $ | 0.06 |  | $ | 0.04
Diluted |  | $ | 0.06 |  | $ | 0.04

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