Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of 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, will be recognized on a straight-line basis over the respective vesting periods of the stock options.

(in thousands, except per share amounts)	2020		2019		2018
Granted		101		96		90
Weighted average exercise price, per share	$	38.91	$	42.86	$	47.76
Weighted average grant date fair value, per share	$	10.21	$	12.54	$	14.99
Pre-tax stock-based compensation, net of forfeitures	$	1,029	$	1,199	$	1,203

Schedule of Assumptions Used to Determine Fair Value of Stock Options

The weighted average fair value of stock options granted in fiscal 2020, fiscal 2019 and fiscal 2018 was based on the following weighted average assumptions:

	2020			2019			2018
Assumptions used:
Dividend yield		2.42	%		2.02	%		1.81	%
Expected volatility		33.10	%		33.09	%		36.65	%
Risk-free interest rate		1.86	%		2.79	%		1.98	%
Expected life (years)		6.0			6.0			6.0

Summary of Stock Option Activity

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

	2020					2019					2018
(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		1,555		$	24.01		2,019		$	22.26		2,307		$	20.99
Granted		101			38.91		96			42.86		90			47.76
Exercised		(303	)		13.99		(506	)		18.45		(371	)		20.37
Forfeited		(1	)		43.04		(54	)		44.31		(7	)		33.02
Outstanding, end of year		1,352			27.34		1,555			24.01		2,019			22.26
Exercisable at end of year		1,167			25.34		1,397			21.96		1,800			20.03

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

			Weighted
			Average
	Number of		Remaining		Aggregate
	Stock		Contractual		Intrinsic
	Options		Life		Value
	(in thousands)		(in years)		(in thousands)
May 31, 2020
Outstanding		1,352		3.21	$	8,846
Exercisable		1,167		2.44	$	8,846
May 31, 2019
Outstanding		1,555		3.15	$	18,728
Exercisable		1,397		2.62	$	18,728
May 31, 2018
Outstanding		2,019		3.59	$	51,858
Exercisable		1,800		3.06	$	50,673

Summary of Non-Vested Stock Option Awards

The following table summarizes information about non-vested stock option awards for the year ended May 31, 2020:

				Weighted
				Average
	Number of			Grant Date
	Stock Options			Fair Value
	(in thousands)			per share
Non-vested, beginning of year		158		$	12.26
Granted		101			10.21
Vested		(73	)		12.42
Forfeited		(1	)		15.98
Non-vested, end of year		185		$	11.06

Schedule of Service-Based Restricted Common Shares Granted

The table below sets forth the service-based restricted common shares we granted during each of fiscal 2020, fiscal 2019 and fiscal 2018.  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)	2020		2019		2018
Granted		247		339		176
Weighted average grant date fair value, per share	$	37.50	$	43.35	$	47.88
Pre-tax stock-based compensation, net of forfeitures	$	9,258	$	14,692	$	7,605

Summary of Activity for Service-Based Restricted Common Shares

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

	2020					2019					2018
(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		811		$	43.25		796		$	40.80		865		$	39.49
Granted		247			37.50		339			43.35		176			47.88
Vested		(395	)		42.00		(229	)		34.63		(205	)		40.96
Forfeited		(20	)		44.10		(95	)		43.83		(40	)		41.58
Outstanding, end of year		643			41.79		811			43.25		796			40.80
Weighted average remaining contractual life of
outstanding restricted common shares (in years)		1.55					1.21					1.21
Aggregate intrinsic value of outstanding restricted
common shares	$	19,230				$	27,681				$	38,160
Aggregate intrinsic value of restricted common
shares vested during the year	$	15,322				$	10,388				$	10,330

Schedule of Assumptions Used to Determine Grant Date Fair Value of Market Based Restricted Common Shares

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	%

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

Dividend yield	2.16	%
Expected volatility	33.60	%
Risk-free interest rate	2.96	%

Performance Shares Granted

The table below sets forth the performance shares we granted (at target levels) during fiscal 2020, fiscal 2019 and fiscal 2018:

(in thousands, except per share amounts)	2020		2019		2018
Granted		55		43		54
Weighted average grant date fair value, per share	$	38.91	$	42.91	$	50.61
Pre-tax stock-based compensation	$	2,159	$	1,854	$	2,748