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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Feb. 28, 2022
Share-based Payment Arrangement [Abstract] |
Summary of shares available for issue under the 2018 Plan | A summary of shares available for issue under the 2018 Plan follows:
Shares originally authorized | 2,000,000 |
Less share awards issued | (12,911) |
Plus forfeitures | 147,853 |
Less RSUs, RSAs, PSUs and PSAs issued and issuable upon vesting | (612,312) |
Less maximum PSUs and PSAs issued and issuable upon vesting (1) | (281,361) |
Shares available for issuance at February 28, 2022 | 1,241,269 |
(1)Reflects incremental PSUs and PSAs issuable upon vesting between achievement of plan target at 100% and maximum achievement of 200% of plan target, adjusted for actual forfeitures to date.
Schedule of share-based compensation expense in SG&A | We recorded share-based compensation expense in SG&A as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2022 |  | 2021 |  | 2020
Stock options | $ | — |  |  | $ | 19 |  |  | $ | 189 |
Directors stock compensation | 644 |  |  | 685 |  |  | 604 |
Service Condition Awards | 11,177 |  |  | 7,941 |  |  | 8,419 |
Performance Condition Awards | 17,260 |  |  | 16,796 |  |  | 12,932 |
Market Condition Awards | 4,234 |  |  | — |  |  | — |
Employee stock purchase plan | 1,303 |  |  | 977 |  |  | 785 |
Share-based compensation expense | 34,618 |  |  | 26,418 |  |  | 22,929 |
Less: income tax benefits | (2,965) |  |  | (1,926) |  |  | (1,803) |
Share-based compensation expense, net of income tax benefits | $ | 31,653 |  |  | $ | 24,492 |  |  | $ | 21,126 |
Summary of option activity | A summary of stock option activity under our 2008 plan is as follows:
(in thousands, except contractual term and per share data) | Options |  | Weighted Average Exercise Price (per share) |  |  |  | Weighted Average Remaining Contractual Term (in years) |  | Intrinsic Value
Outstanding at February 28, 2021 | 48 |  |  | $ | 70.42 |  |  |  |  | 2.5 |  | $ | 6,866 |
Exercises | (23) |  |  | 72.58 |  |  |  |  |  |  | 3,560 |
Outstanding at February 28, 2022 | 25 |  |  | $ | 68.27 |  |  |  |  | 1.6 |  | $ | 3,232 |
Exercisable at February 28, 2022 | 25 |  |  | $ | 68.27 |  |  |  |  | 1.6 |  | $ | 3,232 |
Summary of award activity | A summary of Service Condition Awards activity during fiscal 2022 follows:
(in thousands, except per share data) | Number of Service Condition Awards |  | Weighted Average Grant Date Fair Value (per share) |  |  |  |  |  |
Outstanding at February 28, 2021 | 126 |  |  | $ | 129.52 |  |  |  |  |  |  |
Granted | 93 |  |  | 218.35 |  |  |  |  |  |  |
Vested | (65) |  |  | 116.22 |  |  |  |  |  |  |
Forfeited | (16) |  |  | 192.26 |  |  |  |  |  |  |
Outstanding at February 28, 2022 | 138 |  |  | $ | 188.11 |  |  |  |  |  |  |
A summary of Performance Condition Awards activity during fiscal 2022 follows:
(in thousands, except per share data) | Number of Performance Condition Awards |  | Weighted Average Grant Date Fair Value (per share) |  |  |  |  |
Outstanding at February 28, 2021 (1) | 470 |  |  | $ | 129.53 |  |  |  |  |  |
Granted (1) (2) | 140 |  |  | 216.20 |  |  |  |  |  |
Vested (1) (2) | (134) |  |  | 86.25 |  |  |  |  |  |
Forfeited | (25) |  |  | 148.16 |  |  |  |  |  |
Outstanding at February 28, 2022 | 451 |  |  | $ | 148.66 |  |  |  |  |  |
(1)Includes PSUs granted during fiscal 2019 at Target and PSAs granted during fiscal 2020, 2021 and 2022 at maximum achievement of 200% of Target. (2)Includes an additional 68 shares, which resulted from the performance of the fiscal 2019 awards exceeding Target. A summary of Market Condition Awards activity during fiscal 2022 follows:
(in thousands, except per share data) | Number of Market Condition Awards |  | Weighted Average Grant Date Fair Value (per share) |  |  |  |  |
Outstanding at February 28, 2021 | — |  | 129.53 |  | $ | — |  |  |  |  |  |
Granted (1) | 72 |  | 170.27 |  | 156.08 |  |  |  |  |  |
Vested | — |  | 97.05 |  | — |  |  |  |  |  |
Forfeited | (4) |  | $ | 155.62 |  | 156.08 |  |  |  |  |  |
Outstanding at February 28, 2022 | 68 |  | $ | 129.53 |  | $ | 156.08 |  |  |  |  |  |
(1)Includes PSAs granted during fiscal 2022 at maximum achievement of 200% of Target.
Fair value measurement inputs and valuation techniques | The input variables utilized are included in the table below:
| Fiscal Year Ended February 28, 2022
Expected term in years | 3
Risk free interest rate | 0.3 | %
Expected volatility | 38.9 | %
Expected dividend yield (1) | — | %
(1)The Monte Carlo method assumes a reinvestment of dividends.

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