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Stock Option Plan and Stock Based Compensation (Tables) | 12 Months Ended
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Feb. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Option Activity | The Company had the following stock option activity for the three years ended February 29, 2016:
|  | 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, 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 |
Granted |  |  | 31,418 |  |  |  | 15.78 |  |  |  |  |  |  |  |  |
Terminated |  |  | (20,000 | ) |  |  | 16.21 |  |  |  |  |  |  |  |  |
Exercised |  |  | (6,000 | ) |  |  | 8.94 |  |  |  |  |  |  |  |  |
Outstanding at February 28, 2015 |  |  | 374,823 |  |  | $ | 15.95 |  |  |  | 5.7 |  |  | $ | 210 |
Granted |  |  | 43,426 |  |  |  | 13.69 |  |  |  |  |  |  |  |  |
Terminated |  |  | (47,300 | ) |  |  | 18.31 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at February 29, 2016 |  |  | 370,949 |  |  | $ | 15.38 |  |  |  | 5.9 |  |  | $ | 1,616 |
Exercisable at February 29, 2016 |  |  | 294,524 |  |  | $ | 15.66 |  |  |  | 5.2 |  |  | $ | 1,201 |
(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 2016, 2015 and 2014:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Expected volatility |  |  | 24.06 | % |  |  | 29.25 | % |  |  | 30.41 | %
Expected term (years) |  |  | 3 |  |  |  | 3 |  |  |  | 3 |
Risk free interest rate |  |  | 0.89 | % |  |  | 0.91 | % |  |  | 0.35 | %
Dividend yield |  |  | 4.92 | % |  |  | 4.11 | % |  |  | 4.63 | %
Weighted average grant-date fair value |  | $ | 2.24 |  |  | $ | 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 for the three fiscal years ended (in thousands):
|  | Fiscal years ended |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Total cash received |  | $ | — |  |  | $ | 54 |  |  | $ | 94 |
Income tax (expense) benefit |  |  | (46 | ) |  |  | (106 | ) |  |  | 17 |
Total grant-date fair value |  |  | — |  |  |  | 9 |  |  |  | 50 |
Intrinsic value |  |  | — |  |  |  | 36 |  |  |  | 117 |
Summary of Unvested Stock Options | A summary of the status of the Company’s unvested stock options at February 29, 2016, and changes during the fiscal year ended February 29, 2016 is presented below:
|  | Number of Options |  |  | Weighted Average Grant Date Fair Value |
Unvested at February 28, 2015 |  |  | 79,760 |  |  | $ | 2.51 |
New grants |  |  | 43,426 |  |  |  | 2.24 |
Vested |  |  | (46,761 | ) |  |  | 2.58 |
Forfeited |  |  | — |  |  |  | — |
Unvested at February 29, 2016 |  |  | 76,425 |  |  | $ | 2.32 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at the end of fiscal year 2016:
|  | 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 $13.69 |  |  | 85,426 |  |  |  | 6.2 |  |  | $ | 11.35 |  |  |  | 42,000 |  |  | $ | 8.94 |
14.05 to 15.78 |  |  | 140,280 |  |  |  | 6.8 |  |  |  | 15.18 |  |  |  | 107,281 |  |  |  | 15.19 |
17.57 to 18.46 |  |  | 145,243 |  |  |  | 4.7 |  |  |  | 17.95 |  |  |  | 145,243 |  |  |  | 17.95 |
|  |  | 370,949 |  |  |  | 5.9 |  |  |  | 15.38 |  |  |  | 294,524 |  |  |  | 15.66 |
Restricted Stock Grants Activity | The Company had the following restricted stock grants activity for each of the three fiscal years ended February 29, 2016:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at March 1, 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 |
Granted |  |  | 85,807 |  |  |  | 15.78 |
Terminated |  |  | — |  |  |  | — |
Vested |  |  | (113,061 | ) |  |  | 16.42 |
Outstanding at February 28, 2015 |  |  | 153,648 |  |  | $ | 15.30 |
Granted |  |  | 113,648 |  |  |  | 13.69 |
Terminated |  |  | — |  |  |  | — |
Vested |  |  | (77,900 | ) |  |  | 15.24 |
Outstanding at February 29, 2016 |  |  | 189,396 |  |  | $ | 14.36 |

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