Share-Based Compensation Plans

9 Months Ended

Nov. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Note 8 - Share-Based Compensation Plans

We have equity awards outstanding under several share-based compensation plans. During the three and nine months ended November 30, 2019, we had the following share-based compensation activity:


•	We issued 904 and 3,208 shares to non-employee Board members with a total grant date fair value of $0.1 and $0.3 million, respectively, and weighted average share prices of $155.13 and $131.33, respectively.


•	We granted time-vested restricted stock units ("RSUs") that may be settled for 390 and 3,669 shares of common stock, respectively. The RSU grants have a weighted average grant price of $153.75 and $116.00 per share, respectively, for a total award value at date of grant of $0.1 and $0.4 million, respectively.


•	We granted time-vested restricted stock awards ("RSAs") that may be settled for 506 and 46,278 shares of common stock, respectively. The RSA grants have a weighted average grant price of $147.61 and $114.35 per share, respectively, for a total award fair value at date of grant of $0.1 million and $5.3 million, respectively.


•	There were no grants of performance-based stock units ("PSUs") during the three months ended November 30, 2019. For the nine months ended November 30, 2019, we granted PSUs that may be settled for 6,088 shares of common stock at target. The PSU grants have a weighted average grant price of $110.85 per share for a total award fair value at date of grant of $0.7 million.


•	There were no grants of performance-based restricted stock awards ("PSAs") during the three months ended November 30, 2019. For the nine months ended November 30, 2019, we granted PSAs that are targeted to be settled for 122,402 shares of common stock. The PSA grants have a weighted average grant price of $110.85 per share for a total award fair value at date of grant of $13.6 million.


•	RSUs for 20,449 and 86,778 shares vested and settled, respectively, with a total fair value at settlement of $3.1 and $10.7 million and a weighted average share price of $153.63 and $123.79, respectively.


•	There were no PSUs shares that vested and settled during the three months ended November 30, 2019. For the nine months ended November 30, 2019, there were 108,572 shares vested and settled with a total fair value at settlement of $14.7 million, and a weighted average share price of $135.85.


•	RSAs for 44 shares vested and settled with an immaterial fair value amount and a weighted average share price of $150.86 during the three months ended November 30, 2019. RSAs for 972 shares vested and settled with a fair value amount of $0.1 million and a weighted average share price of $150.86 during the nine month period ended November 30, 2019.


•	Employees exercised stock options to purchase 6,892 and 68,657 shares of common stock, respectively.


•	There were 15,013 and 29,803 purchases of common stock under the employee stock purchase plan at an average price of $95.03 and $95.16, respectively.

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



	Three Months Ended November 30,						Nine Months Ended November 30,
(in thousands, except per share data)	2019			2018			2019			2018
Stock options	$	21		$	128		$	172		$	655
Directors stock compensation	140			140			421			386
Performance based and other stock awards	4,138			5,419			17,366			15,337
Employee stock purchase plan	459			329			784			651
Share-based compensation expense	4,758			6,016			18,743			17,029
Less income tax benefits	(343		)	(398		)	(1,434		)	(1,009		)
Share-based compensation expense, net of income tax benefits	$	4,415		$	5,618		$	17,309		$	16,020

Impact of share-based compensation on earnings per share from continuing operations:
Basic	$	0.18		$	0.22		$	0.69		$	0.61
Diluted	$	0.17		$	0.21		$	0.68		$	0.60