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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Feb. 29, 2016
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 |  |  |  |  |  |  |  |  | (1,213,822)
Less restricted share awards previously vested and settled |  |  |  |  |  |  |  |  | (423,970)
Subtotal |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,112,208
Less maximum RSUs issuable upon vesting (1) |  |  |  |  |  |  |  |  | (57,364)
Less estimated maximum PSUs issuable upon vesting (1) |  |  |  |  |  |  |  |  | (306,206)
Shares available for issuance |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,748,638
| (1) |  | RSUs and PSUs potentially issuable are estimated assuming the maximum payouts adjusted for known actual forfeitures to date.
Schedule of share-based compensation expense in SG&A | SHARE-BASED PAYMENT EXPENSE (in thousands, except per share data)
|  | Fiscal Years Ended the Last Day of February,
|  | 2016 |  | 2015 |  | 2014
Stock options |  | $ | 2,961 |  | $ | 3,279 |  | $ | 2,380
Directors stock compensation |  |  | 700 |  |  | 816 |  |  | 619
Performance based and other stock awards (1) |  |  | 4,478 |  |  | 1,732 |  |  | 13,446
CEO separation compensation (2) |  |  | - |  |  | - |  |  | 15,000
Employee stock purchase plan |  |  | 552 |  |  | 391 |  |  | 424
Share-based payment expense |  |  | 8,691 |  |  | 6,218 |  |  | 31,869
Less income tax benefits |  |  | (1,284) |  |  | (661) |  |  | (5,709)
Share-based payment expense, net of income tax benefits |  | $ | 7,407 |  | $ | 5,557 |  | $ | 26,160
Earnings per share impact of share based payment expense: |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.26 |  | $ | 0.19 |  | $ | 0.82
Diluted |  | $ | 0.26 |  | $ | 0.19 |  | $ | 0.81
| (1) |  | Fiscal year 2014 includes RSAs for 62,304 shares of common stock with a fair value at the date of the award of $67.10 per share and PSUs for 100,000 shares of common stock having a fair value at the date of grant of $32.88. These awards, which were granted in accordance with the terms of our former CEO’s employment agree ment, vested and settled in April 2014.
| (2) |  | $15 million in aggregate fair value of shares of common stock, awarded under the terms of the employment and separation agreements with our former CEO.
Schedule of assumptions used for fair value of stock option grants |
|  | Fiscal Years Ended the Last Day of February,
|  | 2016 |  | 2015 |  | 2014
Range of risk free interest rates used |  | 0.9% - 1.5% |  | 1.2% - 1.5% |  | 0.6% - 1.3%
Expected dividend rate |  | 0.0% |  | 0.0% |  | 0.0%
Weighted average volatility rate |  | 39.1% |  | 48.0% |  | 38.8%
Range of expected volatility rates used |  | 35.9% - 39.7% |  | 35.3% - 50.5% |  | 34.0% - 41.7%
Range of expected terms used (in years) |  | 4.1 - 4.4 |  | 4.1 - 4.4 |  | 4.1 - 4.4
Summary of option activity | SUMMARY OF STOCK 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, 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
Grants |  | 186 |  |  | 88.17 |  |  | 28.82 |  |  |  |  |  |
Exercises |  | (178) |  |  | 37.86 |  |  |  |  |  |  |  |  | 9,480
Forfeitures / expirations |  | (127) |  |  | 59.01 |  |  |  |  |  |  |  |  |
Outstanding at February 29, 2016 |  | 649 |  | $ | 53.94 |  | $ | 19.52 |  |  | 6.13 |  | $ | 26,847
Exercisable at February 29, 2016 |  | 128 |  | $ | 36.26 |  | $ | 14.27 |  |  | 5.04 |  | $ | 7,563
Schedule of non-vested option activity | NON-VESTED STOCK OPTION ACTIVITY (in thousands, except per share data)
|  |  |  |  |  |  |  |  |  |  |  |  | Weighted
|  |  |  |  |  |  |  |  |  |  |  |  | Average
|  |  |  |  |  |  |  |  |  |  | Non- |  | Grant Date
|  |  |  |  |  |  |  |  |  |  | Vested |  | Fair Value
|  |  |  |  |  |  |  |  |  |  | Options |  | (per share)
Outstanding at March 1, 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
Grants |  |  |  |  |  |  |  |  |  |  | 186 |  |  | 28.82
Vested or forfeited |  |  |  |  |  |  |  |  |  |  | (339) |  |  | 17.59
Outstanding at February 29, 2016 |  |  |  |  |  |  |  |  |  |  | 521 |  | $ | 20.81
Schedule of unrecognized share-based compensation expense | 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 |  | $ | 5,670 |  | 33.8
Restricted stock units (RSUs and PSUs) |  |  | 7,470 |  | 16.9
Restricted stock (RSA) |
Share-based compensation plans |
Summary of award activity | SUMMARY OF RESTRICTED STOCK 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, 2013 (1) |  |  |  |  |  |  |  | 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 |  |  |  |  |  |  |  | - |  |  | - |  |  | -
Granted (3) |  |  |  |  |  |  |  | 2 |  |  | 89.12 |  |  |
Vested and issued (3) |  |  |  |  |  |  |  | (2) |  |  | 89.12 |  |  |
Due for issue at February 29, 2016 |  |  |  |  |  |  |  | - |  | $ | - |  | $ | -
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.
In addition, the following award was granted to our current CEO:
| (3) |  | Fiscal year 2016 RSA, which was granted and vested on May 8, 2015.
Restricted Stock Units (RSU) |
Share-based compensation plans |
Summary of award activity | SUMMARY OF RESTRICTED STOCK UNIT 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, 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
Granted (4) |  |  |  |  |  |  |  | 95 |  |  | 76.62 |  |  |
Vested |  |  |  |  |  |  |  | - |  |  | - |  |  |
Outstanding at February 29, 2016 |  |  |  |  |  |  |  | 213 |  | $ | 66.50 |  | $ | 20,311
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. On April 22, 2013, PSUs for 33,400 shares of common stock vested and settled at a fair value of $35.55 per share. On February 28, 2014, PSUs for 66,600 shares of common stock vested and settled 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.
In addition, the following awards were granted to our current CEO and members of management:
| (4) |  | Includes target level RSUs and PSUs granted in connection with long-term incentive compensation for fiscal years 2015 and 2016.

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