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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