Stock Option Plan and Stock Based Compensation (Tables)

12 Months Ended

Feb. 28, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The Company had the following stock option activity for the three years ended February 28, 2014:


	Number of Shares *(exact quantity)*			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life *(in years)*		Aggregate Intrinsic Value(a) *(in thousands)*
Outstanding at March 1, 2011		261,900		$	14.31		6.5	$	757
Granted		82,743			17.57
Terminated		(2,500	)		8.94
Exercised		(31,950	)		10.68

Outstanding at February 29, 2012		310,193		$	15.60		6.6	$	626
Granted		72,707			15.48
Terminated		(11,400	)		13.57
Exercised		(8,500	)		8.94

Outstanding at February 28, 2013		363,000		$	15.79		6.4	$	421
Granted		36,155			14.05
Terminated		(7,750	)		13.30
Exercised		(22,000	)		12.59

Outstanding at February 28, 2014		369,405		$	15.86		6.0	$	416

Exercisable at February 28, 2014		257,194		$	16.01		5.1	$	337

(a)	Intrinsic value is measured as the excess fair market value of the Company’s Common Stock as reported on the New York Stock Exchange over the applicable exercise price.

Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted

The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during fiscal years ended 2014, 2013 and 2012:


	2014			2013			2012
Expected volatility		30.41	%		37.02	%		43.76	%
Expected term (years)		3			3			3
Risk free interest rate		0.35	%		0.43	%		1.16	%
Dividend yield		4.63	%		4.42	%		3.66	%
Weighted average grant-date fair value	$	1.96		$	2.83		$	4.24

Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation

A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below for the three fiscal years ended (in thousands):


	Fiscal years ended
	2014		2013		2012
Total cash received	$	94	$	85	$	217
Income tax (expense) benefit		17		66		63
Total grant-date fair value		50		13		54
Intrinsic value		117		54		200

Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at February 28, 2014, and changes during the fiscal year ended February 28, 2014 is presented below:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at February 28, 2013		169,954		$	3.20
New grants		36,155			1.96
Vested		(93,898	)		3.08
Forfeited		—			—

Unvested at February 28, 2014		112,211		$	2.89

Summary Stock Options Outstanding

The following table summarizes information about stock options outstanding at the end of fiscal year 2014:


	Options Outstanding						Options Exercisable
Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$8.94 to $11.67		48,000		5.2	$	8.94		48,000	$	8.94
14.82 to 16.42		148,862		6.4		15.36		64,234		16.00
17.57 to 19.69		172,543		6.0		18.23		144,960		18.35

		369,405		6.0		15.86		257,194		16.01

Restricted Stock Grant Activity

The Company had the following restricted stock grants activity for the three fiscal years ended February 28, 2014:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 2011		80,823		$	15.59
Granted		93,959			17.57
Terminated		—			—
Vested		(43,449	)		15.34

Outstanding at February 29, 2012		131,333		$	17.09
Granted		92,293			15.46
Terminated		—			—
Vested		(36,578	)		16.05

Outstanding at February 28, 2013		187,048		$	16.49
Granted		55,607			14.05
Terminated		—			—
Vested		(61,753	)		16.40

Outstanding at February 28, 2014		180,902		$	15.77