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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Feb. 29, 2024
Share-Based Payment Arrangement [Abstract] |
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) | 2024 |  | 2023 |  | 2022
Directors stock compensation | $ | 787 |  |  | $ | 788 |  |  | $ | 644 |
Service Condition Awards | 12,345 |  |  | 8,663 |  |  | 11,177 |
Performance Condition Awards | 5,746 |  |  | 9,017 |  |  | 17,260 |
Market Condition Awards | 13,790 |  |  | 7,223 |  |  | 4,234 |
Employee stock purchase plan | 1,204 |  |  | 1,062 |  |  | 1,303 |
Share-based compensation expense | 33,872 |  |  | 26,753 |  |  | 34,618 |
Less: income tax benefits | (2,110) |  |  | (1,830) |  |  | (2,965) |
Share-based compensation expense, net of income tax benefits | $ | 31,762 |  |  | $ | 24,923 |  |  | $ | 31,653 |
Summary of option activity | A summary of stock option activity under our 2008 plan was 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, 2023 | 16 |  |  | $ | 61.77 |  |  |  |  | 1.1 |  | $ | 726 |
Exercises | (6) |  |  | 46.00 |  |  |  |  |  |  | 298 |
Outstanding at February 29, 2024 | 10 |  |  | $ | 72.46 |  |  |  |  | 0.5 |  | $ | 447 |
Exercisable at February 29, 2024 | 10 |  |  | $ | 72.46 |  |  |  |  | 0.5 |  | $ | 447 |
Summary of award activity | A summary of Service Condition Awards activity during fiscal 2024 follows:
(in thousands, except per share data) | Number of Service Condition Awards |  | Weighted Average Grant Date Fair Value (per share) |  |  |  |  |  |
Outstanding at February 28, 2023 | 111 |  |  | $ | 199.29 |  |  |  |  |  |  |
Granted | 147 |  |  | 109.97 |  |  |  |  |  |  |
Vested | (58) |  |  | 181.44 |  |  |  |  |  |  |
Forfeited | (20) |  |  | 147.14 |  |  |  |  |  |  |
Outstanding at February 29, 2024 | 180 |  |  | $ | 138.06 |  |  |  |  |  |  |
A summary of Performance Condition Awards activity during fiscal 2024 follows and reflects all PSAs granted and outstanding at maximum achievement of 200% of Target:
(in thousands, except per share data) | Number of Performance Condition Awards |  | Weighted Average Grant Date Fair Value (per share) |  |  |  |  |
Outstanding at February 28, 2023 | 294 |  |  | $ | 189.21 |  |  |  |  |  |
Granted | 135 |  |  | 110.83 |  |  |  |  |  |
Vested | (77) |  |  | 170.27 |  |  |  |  |  |
Forfeited (1) | (93) |  |  | 168.81 |  |  |  |  |  |
Outstanding at February 29, 2024 | 259 |  |  | $ | 161.23 |  |  |  |  |  |
(1)Includes an additional 74 thousand shares, which resulted from the performance of the fiscal 2021 awards not achieving maximum 200% of Target. A summary of Market Condition Awards activity during fiscal 2024 follows and reflects all PSAs granted and outstanding at maximum achievement of 200% of Target:
(in thousands, except per share data) | Number of Market Condition Awards |  | Weighted Average Grant Date Fair Value (per share) |  |  |  |  |
Outstanding at February 28, 2023 | 142 |  |  | $ | 154.32 |  |  |  |  |  |
Granted | 135 |  |  | 80.49 |  |  |  |  |  |
Vested | — |  |  | — |  |  |  |  |  |
Forfeited | (18) |  |  | 118.43 |  |  |  |  |  |
Outstanding at February 29, 2024 | 259 |  |  | $ | 118.09 |  |  |  |  |  |
Fair value measurement inputs and valuation techniques | The input variables utilized are included in the table below:
| Fiscal Years Ended Last Day of February,
| 2024 |  | 2023 |  | 2022
Expected term in years | 3 |  | 3 |  | 3
Risk free interest rate | 4.6 | % |  | 1.5 | % |  | 0.3 | %
Expected volatility | 46.0 | % |  | 38.8 | % |  | 38.9 | %
Expected dividend yield (1) | — | % |  | — | % |  | — | %
(1)The Monte Carlo method assumes a reinvestment of dividends.

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