Stock Option Plan and Stock Based Compensation (Tables)

9 Months Ended

Nov. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company had the following stock option activity for the nine months ended November 30, 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, 2014		369,405		$	15.86		6.0	$	416
Granted		31,418			15.78
Terminated		(20,000	)		16.21
Exercised		(6,000	)		8.94

Outstanding at November 30, 2014		374,823		$	15.95		5.9	$	184

Exercisable at November 30, 2014		295,063		$	16.16		5.3	$	184

(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 the nine months ended November 30, 2014 and November 30, 2013:


	November 30,
	2014			2013
Expected volatility		29.25	%		30.41	%
Expected term (years)		3			3
Risk free interest rate		0.91	%		0.35	%
Dividend yield		4.11	%		4.63	%
Weighted average grant-date fair value	$	2.70		$	1.96

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 (in thousands):


	Three months ended				Nine months ended
	November 30,				November 30,
	2014		2013		2014		2013
Total cash received	$	—	$	44	$	54	$	89
Income tax benefits		—		—		—		—
Total grant-date fair value		—		8		9		16
Intrinsic value		—		44		36		90

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 nine months ended November 30, 2014 is presented below:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at March 1, 2014		112,211		$	2.89
New grants		31,418			2.70
Vested		(63,869	)		3.27
Forfeited		—			—

Unvested at November 30, 2014		79,760		$	2.51

Restricted Stock Grant Activity

The Company had the following restricted stock grant activity for the nine months ended November 30, 2014:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 2014		180,902		$	15.77
Granted		85,807			15.78
Terminated		—			—
Vested		(113,061	)		16.42

Outstanding at November 30, 2014		153,648		$	15.30