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Share-Based Compensation Plans | 9 Months Ended
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Nov. 30, 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 November 30, 2015, the Company had the following share-based compensation activity:
| · |  | We granted options to purchase 4,500 and 167,000 shares of common stock, respectively, to certain officers and employees. For the fiscal year-to-date, the fair values of these options were estimated using the Black-Scholes option pricing model to estimate fair values ranging from $24.34 to $31.41 for grants with terms of four and five years. The following assumptions were used for the grants issued during the fiscal year-to-date: expected lives ranging from 4.05 to 4.35 years; risk-free interest rates ranging from 0.86 to 1.46 percent; zero dividend yield; and expected volatilities ranging from 36.77 to 39.72 percent.
| · |  | We issued 1,498 and 4,459 restricted shares, respectively, to non-employee Board members with total grant date fair values of $0.12 and $0.37 million, respectively, and average share prices of $82.04 and $82.64, 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 purchase 29,602 and 175,056 shares of common stock, respectively.
| · |  | During the fiscal quarter ended August 31, 2015, 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 November 30, |  | Nine Months Ended November 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Stock options |  | $ | 718 |  | $ | 869 |  | $ | 2,055 |  | $ | 2,483
Directors stock compensation |  |  | 175 |  |  | 175 |  |  | 525 |  |  | 641
Performance based and other stock awards |  |  | 1,368 |  |  | 336 |  |  | 3,500 |  |  | 1,441
Employee stock purchase plan |  |  | - |  |  | - |  |  | 223 |  |  | 167
Share-based payment expense |  |  | 2,261 |  |  | 1,380 |  |  | 6,303 |  |  | 4,732
Less income tax benefits |  |  | (396) |  |  | (141) |  |  | (989) |  |  | (514)
Share-based payment expense, net of income tax benefits |  | $ | 1,865 |  | $ | 1,239 |  | $ | 5,314 |  | $ | 4,218
Earnings per share impact of share based payment expense: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.07 |  | $ | 0.04 |  | $ | 0.19 |  | $ | 0.15
Diluted |  | $ | 0.07 |  | $ | 0.04 |  | $ | 0.18 |  | $ | 0.15

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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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