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Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2017

The following tables summarize our stock option activity for the years ended May 31:


	2017					2016					2015
(in thousands, except per share amounts)	Stock Options			Weighted Average Exercise Price		Stock Options			Weighted Average Exercise Price		Stock Options			Weighted Average Exercise Price
Outstanding, beginning of year		3,306		$	19.01		4,044		$	18.25		4,752		$	17.58
Granted		111			42.30		154			30.92		97			42.95
Exercised		(1,076	)		16.90		(874	)		17.22		(758	)		17.24
Forfeited		(34	)		29.95		(18	)		32.25		(47	)		17.00

Outstanding, end of year		2,307			20.99		3,306			19.01		4,044			18.25

Exercisable at end of year		2,067			19.17		3,059			17.85		3,276			17.63

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range


	Number of Stock Options (in thousands)		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
May 31, 2017
Outstanding		2,307		3.95	$	48,509
Exercisable		2,067		3.47	$	47,488
May 31, 2016
Outstanding		3,306		4.33	$	61,178
Exercisable		3,059		4.01	$	60,082
May 31, 2015
Outstanding		4,044		4.82	$	38,277
Exercisable		3,276		4.42	$	31,625

Summary of Non-Vested Stock Option Awards

The following table summarizes information about non-vested stock option awards for the year ended May 31, 2017:


	Number of Stock Options (in thousands)			Weighted Average Grant Date Fair Value per Share
Non-vested, beginning of year		247		$	10.91
Granted		111			10.32
Vested		(84	)		11.57
Forfeited		(34	)		13.84

Non-vested, end of year		240		$	9.99

Summarize of Activity for Service-Based Restricted Common Shares

The following tables summarize the activity for our service-based restricted common shares for the years ended May 31:


	2017					2016					2015
(in thousands, except per share amounts)	Restricted Common Shares			Weighted Average Grant Date Fair Value		Restricted Common Shares			Weighted Average Grant Date Fair Value		Restricted Common Shares			Weighted Average Grant Date Fair Value
Outstanding, beginning of year		698		$	33.69		635		$	33.65		573		$	28.36
Granted		525			42.28		217			29.49		240			40.05
Vested		(310	)		31.81		(120	)		24.14		(142	)		23.32
Forfeited		(48	)		38.82		(34	)		34.53		(36	)		32.62

Outstanding, end of year		865			39.49		698			33.69		635			33.65

Weighted average remaining contractual life of outstanding restricted common shares (in years)		1.57					1.04					1.41
Aggregate intrinsic value of outstanding restricted common shares	$	36,298				$	26,059				$	17,269
Aggregate intrinsic value of restricted common shares vested during the year	$	12,840				$	3,527				$	5,400

Performance Shares Granted

The table below sets forth the performance shares we granted (at target levels) during fiscal 2017, fiscal 2016 and fiscal 2015:


(in thousands, except per share amounts)	2017		2016		2015
Granted		67		87		61
Weighted average grant date fair value, per share	$	44.91	$	30.12	$	42.71
Pre-tax stock-based compensation	$	2,995	$	2,623	$	2,611

Non-Qualified Stock Options

Non-Qualified Stock Options Granted

The table below sets forth the non-qualified stock options granted during each of the last three fiscal years. For each grant, the exercise price was equal to the closing market price of the underlying common shares at each respective grant date. The fair values of these stock options were based on the Black-Scholes option pricing model, calculated at the respective grant dates. The calculated pre-tax stock-based compensation expense for these stock options, which is after an estimate of forfeitures, will be recognized on a straight-line basis over the respective vesting periods of the stock options.


	2017		2016		2015
(in thousands, except per share amounts)
Granted		111		154		97
Weighted average exercise price, per share	$	42.30	$	30.92	$	42.95
Weighted average grant date fair value, per share	$	11.60	$	9.55	$	17.96
Pre-tax stock-based compensation, net of forfeitures	$	1,146	$	1,305	$	1,553

Assumptions to Value Stock Options

The weighted average fair value of stock options granted in fiscal 2017, fiscal 2016 and fiscal 2015 was based on the following weighted average assumptions:


	2017			2016			2015
Assumptions used:
Dividend yield		2.59	%		2.33	%		1.88	%
Expected volatility		36.86	%		38.40	%		50.92	%
Risk-free interest rate		1.15	%		1.98	%		1.88	%
Expected life (years)		6.0			6.0			6.0

Service-Based Restricted Common Shares

Service-Based Restricted Common Shares Granted

The table below sets forth the service-based restricted common shares we granted during each of fiscal 2017, fiscal 2016 and fiscal 2015. The calculated pre-tax stock-based compensation expense for these restricted common shares will be recognized on a straight-line basis over their respective vesting periods.


(in thousands, except per share amounts)	2017		2016		2015
Granted		525		217		240
Weighted average grant date fair value, per share	$	42.28	$	29.49	$	40.05
Pre-tax stock-based compensation, net of forfeitures	$	19,841	$	5,800	$	8,660

Market-Based Restricted Common Shares

Assumptions to Value Stock Options

The following assumptions were used to determine the grant-date fair value and the derived service period for these market-based restricted common shares:


Dividend yield	1.60	%
Expected volatility	44.00	%
Risk-free interest rate	1.70	%