XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.2
Share-Based Compensation Plans
 3 Months Ended
May 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plans
Note 6 - Share-Based Compensation Plans

As part of our compensation structure, we grant share-based compensation awards to certain employees and non-employee members of our Board of Directors during the fiscal year. These awards may be subject to attainment of certain service conditions, performance conditions and/or market conditions. During the first quarter of fiscal 2023, we granted 36,088 service condition awards (“Service Condition Awards”) with a weighted average grant date fair value of $204.11. Additionally, we granted 165,734 performance-based awards during the first quarter of fiscal 2023, of which 82,867 contained performance conditions (“Performance Condition Awards”) and 82,867 contained market conditions (“Market Condition Awards”), with weighted average grant date fair values of $204.11 and $152.91, respectively. Refer to our Form 10-K for further information on the Company's share-based compensation plans.
We recorded share-based compensation expense in SG&A as follows:
 Three Months Ended May 31,
(in thousands)20222021
Stock options$— $— 
Directors stock compensation173 160 
Service Condition Awards3,117 1,940 
Performance Condition Awards10,845 10,023 
Market Condition Awards1,910 1,129 
Employee stock purchase plan574 768 
Share-based compensation expense16,619 14,020 
Less income tax benefits(1,084)(859)
Share-based compensation expense, net of income tax benefits$15,535 $13,161 

Unrecognized Share-Based Compensation Expense

As of May 31, 2022, our total unrecognized share-based compensation for all awards was $60.1 million, which will be recognized over a weighted average amortization period of 2.3 years. The total unrecognized share-based compensation reflects an estimate of target achievement for Performance Condition Awards granted during the first quarter of fiscal 2023 and fiscal 2022, and a weighted average estimate of 150% of target achievement for Performance Condition Awards granted in fiscal 2021.