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Share-Based Compensation Plans | 3 Months Ended
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May 31, 2016
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, 2016, the Company had the following share-based compensation activity:
| · |  | We granted options to purchase 1,500 shares of common stock to employees. The fair values of these options were estimated using the Black-Scholes option pricing model to estimate fair value of $28.74 for a grant with a term of four years. The following assumptions were used for the grant: expected life of 4.05 years; risk-free interest rate of 1.22 percent; zero dividend yield; and an expected volatility of 33.40 percent.
| · |  | We issued 1,281 restricted shares to non-employee Board members with a total grant date fair value of $0.12 million and a share price of $95.92.
| · |  | Employee RSUs for 13,231 shares vested and settled with a total grant date fair value of $1.27 million and a share price of of $95.92.
| · |  | Employees exercised stock options to purchase 73,635 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,
|  | 2016 |  | 2015
Stock options |  | $ | 740 |  | $ | 693
Directors stock compensation |  |  | 175 |  |  | 175
Performance based and other stock awards |  |  | 4,751 |  |  | 1,245
Share-based payment expense |  |  | 5,666 |  |  | 2,113
Less income tax benefits |  |  | (1,521) |  |  | (319)
Share-based payment expense, net of income tax benefits |  | $ | 4,145 |  | $ | 1,794
Earnings per share impact of share based payment expense: |  |  |  |  |  |
Basic |  | $ | 0.15 |  | $ | 0.06
Diluted |  | $ | 0.15 |  | $ | 0.06

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