Stock-Based Compensation (Tables)

9 Months Ended

Feb. 29, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option Activity

The table below summarizes our stock option activity during the nine months ended February 29, 2024:

				Weighted
				Average
	Stock			Exercise
(In thousands, except per common share amounts)	Options			Price
Outstanding - June 1, 2023		573		$	42.61
Converted to Worthington Steel common shares (1)		(61	)		51.44
Separation related adjustment		254			-
Granted		58			68.68
Exercised		(126	)		39.73
Forfeited		(7	)		45.91
Outstanding - February 29, 2024		691		$	28.83

(1)Effective as of the Distribution, each outstanding stock option held by a then-current or former employee or service provider of Worthington Steel was converted into a stock option denominated in the common shares of Worthington Steel.

Summary of Service-Based Restricted Common Shares

The table below sets forth the service-based restricted common shares for the nine months ended February 29, 2024:

				Weighted
	Restricted			Average
	Common			Grant Date
(In thousands, except per common share amounts)	Shares			Fair Value
Outstanding - June 1, 2023		800		$	47.39
Converted to Worthington Steel common shares (1)		(296	)		55.70
Separation related adjustment		220			-
Granted		214			64.57
Vested		(337	)		39.17
Forfeited		(20	)		47.07
Outstanding - February 29, 2024		581		$	36.34

(1)Effective as of the Distribution, each restricted stock award held by an employee or director of Worthington Steel was converted into a restricted stock award covering Worthington Steel common shares.

Summary of Performance Activity

The table summarizes our performance activity for the nine months ended February 29, 2024.

				Weighted
	Restricted			Average
	Common			Grant Date
(In thousands, except per common share amounts)	Shares			Fair Value
Outstanding - June 1, 2023		172		$	46.37
Converted to Worthington Steel common shares (1)		(39	)		56.99
Separation related adjustment		58			-
Granted		113			52.73
Vested		(131	)		39.93
Forfeited		(25	)		36.02
Outstanding - February 29, 2024		148		$	37.70

(1)Effective as of the Distribution, each performance share award held by an employee or director of Worthington Steel was converted into a restricted stock award covering Worthington Steel shares.

Non-Qualified Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Assumptions Used to Determine Fair Value of Stock Options

The weighted average fair value of stock options granted during the nine months ended February 29, 2024 was based on the following assumptions:

Dividend yield	2.34	%
Expected volatility	42.62	%
Risk-free interest rate	4.04	%
Expected term (years)	6.0