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Share-Based Compensation Plans
 9 Months Ended
Nov. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plans
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 November 30,Nine Months Ended
November 30,
(in thousands)2024202320242023
Directors stock compensation$197 $197 $589 $590 
Service Condition Awards2,711 3,160 8,105 9,358 
Performance Condition Awards563 1,170 2,703 4,306 
Market Condition Awards842 3,458 3,609 9,647 
Employee stock purchase plan417 594 1,044 1,204 
Share-based compensation expense4,730 8,579 16,050 25,105 
Less: income tax benefits
(354)(532)(839)(1,558)
Share-based compensation expense, net of income tax benefits$4,376 $8,047 $15,211 $23,547 
Unrecognized Share-Based Compensation Expense

As of November 30, 2024, our total unrecognized share-based compensation for all awards was $22.5 million, which will be recognized over a weighted average amortization period of 2.1 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.