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Share-Based Compensation Plans
 3 Months Ended
May 31, 2017
Share-Based Compensation Plans  
Share-Based Compensation Plans

Note 15 – Share-Based Compensation Plans

 

We have equity awards outstanding under several share-based compensation plans. During the three months ended May 31, 2017, we had the following share-based compensation activity:

 

·

We issued 1,424 restricted shares to non-employee Board members with a total grant date fair value of $0.1 million and an average share price of $98.45.

 

·

We granted time-vested restricted stock units (“RSUs”) that may be settled for 69,807 shares of common stock with average fair values at the grant dates of $95.87 per unit. We also granted performance-based restricted stock units (“PSUs”) for 65,010 shares of common stock, with an average fair value of $96.80 per unit.

 

·

Employee RSUs for 33,266 shares vested and settled with a total grant date fair value of $3.3 million, and an average share price of $98.39. Employee PSUs for 149,884 shares vested and settled with a total grant date fair value of $14.3 million, and an average share price of $95.55.

 

·

Employees exercised stock options to purchase 76,593 shares of common stock.

 

We recorded the following share-based compensation expense in SG&A for the periods shown below:

 

SHARE-BASED PAYMENT EXPENSE

 

 

 

 

 

 

 

 

    

Three Months Ended May 31, 

(in thousands, except per share data)

 

2017

    

2016

Stock options

    

$

539

    

$

740

Directors stock compensation

 

 

200

 

 

175

Performance based and other stock awards

 

 

2,512

 

 

4,751

Share-based payment expense

 

 

3,251

 

 

5,666

Less income tax benefits

 

 

(490)

 

 

(1,521)

Share-based payment expense, net of income tax benefits

 

$

2,761

 

$

4,145

 

 

 

 

 

 

 

Earnings per share impact of share-based payment expense:

 

 

 

 

 

 

Basic

 

$

0.10

 

$

0.15

Diluted

 

$

0.10

 

$

0.15