Repurchases of Common Stock

9 Months Ended

Nov. 30, 2021

Note 6 - Repurchases of Common Stock

In August 2021, our Board of Directors authorized the repurchase of up to $500 million of our outstanding common stock. The authorization became effective August 25, 2021, for a period of three years, and

replaced our former repurchase authorization, of which approximately $79.5 million remained. As of November 30, 2021, our repurchase authorization allowed for the purchase of $497.2 million of common stock.

Our current equity-based compensation plans include provisions that allow for the “net exercise” of share-settled awards by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the equity holder can be settled by having the holder tender back to us a number of shares at fair value equal to the amounts due. Net exercises are treated as purchases and retirements of shares.

The following table summarizes our share repurchase activity for the periods shown:


	Three Months Ended November 30,				Nine Months Ended November 30,
(in thousands, except share and per share data)	2021		2020		2021		2020
Common stock repurchased on the open market:
Number of shares	—		960,829		436,842		960,829
Aggregate value of shares	$	—	$	191,606	$	95,484	$	191,606
Average price per share	$	—	$	199.42	$	218.58	$	199.42

Common stock received in connection with share-based compensation:
Number of shares	12,059		6,115		78,206		67,740
Aggregate value of shares	$	2,829	$	1,194	$	17,535	$	11,355
Average price per share	$	234.56	$	195.26	$	224.22	$	167.63