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Share-Based Compensation Plans | 6 Months Ended
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Aug. 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 and year-to-date periods ended August 31, 2015, the Company had the following share-based compensation activity:
| · |  | We granted options to purchase 17,000 and 162,500 shares of common stock, respectively, to certain officers and 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 $30.06 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 0.86 to 1.38 percent; zero dividend yield; and expected volatilities ranging from 37.26 to 39.70 percent.
| · |  | We issued 1,386 and 2,961 restricted shares, respectively, to non-employee Board members with total grant date fair values of $0.13 and $0.25 million, respectively, and average share prices of $88.45 and $82.95, respectively.
| · |  | 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 p urchase 38,629 and 145,454 shares of common stock, respectively.
| · |  | Employees purchased 12,155 shares of common stock for $0.79 million through our employee stock purchase plan.
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 August 31, |  | Six Months Ended August 31,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Stock options |  | $ | 644 |  | $ | 910 |  | $ | 1,337 |  | $ | 1,614
Directors stock compensation |  |  | 175 |  |  | 219 |  |  | 350 |  |  | 466
Performance based and other stock awards |  |  | 887 |  |  | 687 |  |  | 2,132 |  |  | 1,105
Employee stock purchase plan |  |  | 223 |  |  | 167 |  |  | 223 |  |  | 167
Share-based payment expense |  |  | 1,929 |  |  | 1,983 |  |  | 4,042 |  |  | 3,352
Less income tax benefits |  |  | (274) |  |  | (246) |  |  | (593) |  |  | (373)
Share-based payment expense, net of income tax benefits |  | $ | 1,655 |  | $ | 1,737 |  | $ | 3,449 |  | $ | 2,979
Earnings per share impact of share based payment expense: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.06 |  | $ | 0.06 |  | $ | 0.12 |  | $ | 0.10
Diluted |  | $ | 0.06 |  | $ | 0.06 |  | $ | 0.12 |  | $ | 0.10

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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