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Share-Based Compensation Plans (Tables)

12 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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