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Share-Based Compensation Plans
 9 Months Ended
Nov. 30, 2023
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 2024, we granted 94,807 service condition awards (“Service Condition Awards”) with a weighted average grant date fair value of $110.85. Additionally, we granted 252,522 performance-based awards during the first quarter of fiscal 2024, of which 126,318 contained performance conditions (“Performance Condition Awards”) and 126,204 contained market conditions (“Market Condition Awards”), with weighted average grant date fair values of $110.85 and $80.50, 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 November 30,Nine Months Ended
November 30,
(in thousands)2023202220232022
Directors stock compensation$197 $197 $590 $592 
Service Condition Awards3,160 2,211 9,358 7,488 
Performance Condition Awards1,170 3,252 4,306 17,293 
Market Condition Awards3,458 1,793 9,647 5,620 
Employee stock purchase plan594 488 1,204 1,062 
Share-based compensation expense8,579 7,941 25,105 32,055 
Less income tax benefits(532)(474)(1,558)(2,128)
Share-based compensation expense, net of income tax benefits$8,047 $7,467 $23,547 $29,927 

Unrecognized Share-Based Compensation Expense

As of November 30, 2023, our total unrecognized share-based compensation for all awards was $25.8 million, which will be recognized over a weighted average amortization period of 1.9 years. The total unrecognized share-based compensation reflects an estimate of target achievement for Performance Condition Awards granted during the first quarter of fiscal 2024, and an estimate of zero percent of target achievement for Performance Condition Awards granted in fiscal 2023 and fiscal 2022.