Share-Based Compensation Plans

3 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Note 4 - 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 2025, we granted 94,900 service condition awards (“Service Condition Awards”) with a weighted average grant date fair value of $124.37. Additionally, we granted 157,797 performance-based awards during the first quarter of fiscal 2025, of which 94,586 contained performance conditions (“Performance Condition Awards”) and 63,211 contained market conditions (“Market Condition Awards”), with weighted average grant date fair values of $124.37 and $91.19, 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)	2024		2023

Directors stock compensation	$	196	$	197
Service Condition Awards	2,568		3,320
Performance Condition Awards	1,047		2,023
Market Condition Awards	1,395		3,147
Employee stock purchase plan	627		610
Share-based compensation expense	5,833		9,297
Less: income tax benefits	(264)		(641)
Share-based compensation expense, net of income tax benefits	$	5,569	$	8,656

Unrecognized Share-Based Compensation Expense

As of May 31, 2024, our total unrecognized share-based compensation for all awards was $33.5 million, which will be recognized over a weighted average amortization period of 2.5 years. The total unrecognized share-based compensation reflects an estimate of target achievement for Performance Condition Awards granted during fiscal 2025 and fiscal 2024 and an estimate of zero percent of target achievement for Performance Condition Awards granted during fiscal 2023.