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Stock Option Plan and Stock Based Compensation | 12 Months Ended
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Feb. 28, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Option Plan and Stock Based Compensation | (11) Stock Option Plan and Stock Based Compensation The Company grants stock options and restricted stock to key executives and managerial employees and non-employee directors. At fiscal year ended February 28, 2021, the Company has one stock option plan: the 2004 Long-Term Incentive Plan of Ennis, Inc., as amended and restated as of June 30, 2011, formerly the 1998 Option and Restricted Stock Plan amended and restated as of May 14, 2008 (the “Plan”). The Company has 433,648 shares of unissued common stock reserved under the Plan for issuance. The exercise price of each stock option granted under the Plan equals a referenced price of the Company’s common stock as reported on the New York Stock Exchange (“NYSE”) on the date of grant, and an option’s maximum term is ten years. Stock options and restricted stock may be granted at different times during the year and vest ratably over various periods, from grant date up to five years. The Company uses treasury stock to satisfy option exercises and restricted stock awards. The Company recognizes compensation expense for stock options and restricted stock grants on a straight-line basis over the requisite service period. For the years ended 2021, 2020 and 2019, the Company included in selling, general and administrative expenses, compensation expense related to share based compensation of $1.2 million, $1.4 million and $1.4 million, respectively. Stock Options The following occurred with respect to the Company’s stock options for each of the three years ended February 28, 2021:
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  | Number |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | of Shares |  |  | Exercise |  |  | Contractual |  |  | Value(a) |
|  | (exact quantity) |  |  | Price |  |  | Life (in years) |  |  | (in thousands) |
Outstanding at March 1, 2018 |  |  | 172,496 |  |  | $ | 15.95 |  |  |  | 3.2 |  |  | $ | 612 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Terminated |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (110,906 | ) |  |  | 15.99 |  |  |  |  |  |  |  |  |
Outstanding at February 28, 2019 |  |  | 61,590 |  |  | $ | 15.88 |  |  |  | 1.8 |  |  | $ | 327 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Terminated |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (61,590 | ) |  |  | 15.88 |  |  |  |  |  |  |  |  |
Outstanding at February 29, 2020 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Terminated |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding at February 28, 2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercisable at February 28, 2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(a) | Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the NYSE over the applicable exercise price.
No stock options were granted during fiscal years 2021, 2020 or 2019. 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 |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Total cash received |  | $ | — |  |  | $ | — |  |  | $ | 69 |
Total grant-date fair value |  |  | — |  |  |  | 201 |  |  |  | 345 |
Intrinsic value |  |  | — |  |  |  | 267 |  |  |  | 534 |
The Company had no unvested stock options outstanding at any time during the fiscal year ended February 28, 2021. Restricted Stock The following occurred with respect to the Company’s restricted stock awards for each of the three fiscal years ended February 28, 2021:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
| Number of |  |  | Grant Date |
| Shares |  |  | Fair Value |
Outstanding at March 1, 2018 |  | 152,675 |  |  | $ | 16.59 |
Granted |  | 83,789 |  |  |  | 20.54 |
Terminated |  | — |  |  |  | — |
Vested |  | (81,359 | ) |  |  | 16.01 |
Outstanding at February 28, 2019 |  | 155,105 |  |  | $ | 19.03 |
Granted |  | 66,669 |  |  |  | 20.41 |
Terminated |  | (3,920 | ) |  |  | 17.02 |
Vested |  | (73,928 | ) |  |  | 18.90 |
Outstanding at February 29, 2020 |  | 143,926 |  |  | $ | 19.79 |
Granted |  | 59,315 |  |  |  | 17.09 |
Terminated |  | (10,098 | ) |  |  | 19.16 |
Vested |  | (73,414 | ) |  |  | 19.16 |
Outstanding at February 28, 2021 |  | 119,729 |  |  | $ | 18.90 |
As of February 28, 2021, the total remaining unrecognized compensation cost related to unvested restricted stock was approximately $1.3 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 1.5 years. As of February 28, 2021, the Company’s outstanding restricted stock had an underlying fair value of $2.3 million at date of grant.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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