Repurchases of Common Stock

9 Months Ended

Nov. 30, 2024

Note 5 - Repurchases of Common Stock

In August 2024, our Board of Directors authorized the repurchase of up to $500 million of our outstanding common stock. The authorization became effective August 20, 2024, for a period of three years, and replaced our former repurchase authorization, of which approximately $245.3 million remained. As of November 30, 2024, our repurchase authorization allowed for the purchase of $499.9 million of common stock.

Our current equity-based compensation plans include provisions that allow for the “net exercise” of share-settled awards by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the option or other share-based award holders are settled by having the holder tender back to us a number of shares at fair value equal to the amounts due. Net exercises are treated as purchases and retirements of shares.

The following table summarizes our share repurchase activity for the periods shown:


	Three Months Ended November 30,				Nine Months Ended November 30,
(in thousands, except share and per share data)	2024		2023		2024		2023
Common stock repurchased on the open market:
Number of shares	—		—		1,011,243		381,200
Aggregate value of shares	$	—	$	—	$	100,019	$	50,006
Average price per share	$	—	$	—	$	98.91	$	131.18

Common stock received in connection with share-based compensation:
Number of shares	448		2,701		27,223		48,098
Aggregate value of shares	$	30	$	306	$	3,155	$	4,835
Average price per share	$	66.34	$	113.31	$	115.89	$	100.51