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Stock Based Compensation (Tables) | 3 Months Ended
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May 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Assumptions Used and The Weighted Average Grant-Date Fair Value of The 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 three months ended May 31, 2023.
|  | May 31,
|  | 2023
Expected volatility |  | 19.55%
Expected term (years) |  | 3
Risk free interest rate |  | 3.87%
Dividend Yield |  | 4.94%
Weighted average grant-date fair value |  | $2.47
Summary of Unvested Stock Options | A summary of the status of the Company’s unvested stock options at May 31, 2023 and the changes during the three months ended May 31, 2023 are presented below:
|  |  |  | Weighted
|  |  |  | Average
|  | Number |  | Grant Date
|  | of Options |  | Fair Value
Unvested at March 1, 2023 |  | — |  | —
New grants |  | 52,500 |  | 2.47
Vested |  | — |  | —
Forfeited |  | — |  | —
Unvested at May 31, 2023 |  | 52,500 |  | 2.47
Summary of Restricted Stock Awards and Restricted Stock Units Activity | The following activity occurred with respect to the Company’s restricted stock awards for the three months ended May 31, 2023:
|  |  |  | Weighted |
|  |  |  | Average |
| Number of |  |  | Grant Date |
| Shares |  |  | Fair Value |
Outstanding at March 1, 2023 |  | 49,783 |  |  | $ | 18.99 |
Granted |  | — |  |  |  | — |
Terminated |  | — |  |  |  | — |
Vested |  | (10,271 | ) |  |  | 17.25 |
Outstanding at May 31, 2023 |  | 39,512 |  |  | $ | 19.44 |
The following activity occurred with respect to the Company’s restricted stock units for the three months ended May 31, 2023:
| Time-based |  |  | Performance-based |
|  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  | Average |  |  |  |  |  | Average |
| Number of |  |  | Grant Date |  |  | Number of |  |  | Grant Date |
| Shares |  |  | Fair Value |  |  | Shares |  |  | Fair Value |
Outstanding at March 1, 2023 |  | 33,274 |  |  | $ | 20.11 |  |  |  | 233,819 |  |  | $ | 23.17 |
Granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Terminated |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  | (16,635 | ) |  |  | 20.11 |  |  |  | — |  |  |  | — |
Outstanding at May 31, 2023 |  | 16,639 |  |  | $ | 20.11 |  |  |  | 233,819 |  |  | $ | 23.17 |
Summary of Stock Option Activity | The Company had the following stock option activity for the three months ended May 31, 2023:
|  |  |  |  |  |  |  | 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, 2023 |  |  | — |  |  | $ | — |  |  |  | — |  |  |  | — |
Granted |  |  | 52,500 |  |  |  | 19.88 |  |  |  |  |  |  |
Terminated |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at May 31, 2023 |  |  | 52,500 |  |  | $ | 19.88 |  |  |  | 10 |  |  |  | — |
Exercisable at May 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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