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Share-Based Compensation Plans
 9 Months Ended
Nov. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Plans
Note 9 - Share-Based Compensation Plans

We have equity awards outstanding under several share-based compensation plans. During the three and nine month periods ended November 30, 2020, we had the following share-based compensation activity:

•We issued 770 and 2,842 shares to non-employee members of the Board of Directors with a total grant date fair value of $0.1 million and $0.5 million, respectively, and average share prices of $207.98 and $184.56, respectively.

•We granted time-vested restricted stock units (“RSUs”) that may be settled for 39 and 2,747 shares of common stock, respectively. The RSUs have a weighted average grant price of $200.00 and $170.69 per share, respectively, for a total award fair value at date of grant of an insignificant amount and $0.5 million, respectively.

•We granted time-vested restricted stock awards (“RSAs”) that may vest for 4,171 and 42,143 shares of common stock, respectively. The RSAs have a weighted average grant price of $199.39 and $174.03 per share, respectively, for a total award fair value at date of grant of $0.8 million and $7.3 million, respectively.

•There were no grants of performance-based stock units (“PSUs”) during the three months ended November 30, 2020. During the nine months ended November 30, 2020, we granted PSUs that may be settled for 4,970 shares of common stock at target. The PSUs have a weighted average grant price of $170.27 per share, for a total award fair value at date of grant of $0.8 million.

•There were no grants of performance-based restricted stock awards (“PSAs”) during the three months ended November 30, 2020. During the nine months ended November 30, 2020, we granted PSAs that may vest for 86,004 shares of common stock at target. The PSAs have a weighted average grant price of $170.27 per share, for a total award fair value at date of grant of $14.6 million.

•RSUs for 18,196 and 64,948 shares vested, respectively, with a total fair value at settlement of $3.6 million and $11.3 million, respectively, and average share prices of $195.29 and $173.33, respectively.

•RSAs for 605 and 7,929 shares vested, respectively, with a total fair value at settlement of $0.1 million and $1.4 million, respectively, and average share prices of $201.29 and $174.75, respectively.

•There were no PSUs that vested and settled during the three months ended November 30, 2020. During the nine months ended November 30, 2020, PSUs for 112,720 shares vested and settled, with a total settlement date fair value of $18.6 million, and an average share price of $164.58.

•Employees exercised stock options to purchase 850 shares and 13,540 shares of common stock, respectively.

•There were 12,264 and 26,830 purchases of common stock, respectively, under the employee stock purchase plan at an average price of $139.88 and $134.78 per share, 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)2020201920202019
Stock options$3 $21 $18 $172 
Directors stock compensation161 140 525 421 
Performance based and other stock awards6,084 4,138 19,134 17,366 
Employee stock purchase plan491 459 977 784 
Share-based compensation expense6,739 4,758 20,654 18,743 
Less income tax benefits(403)(343)(1,406)(1,434)
Share-based compensation expense, net of income tax benefits$6,336 $4,415 $19,248 $17,309 
Impact of share-based compensation on EPS:
Basic$0.25 $0.18 $0.76 $0.69 
Diluted$0.25 $0.17 $0.76 $0.68