Stock-Based Compensation Expense Included in Consolidated Statements of Income

The following table represents total stock-based compensation expense included in our Consolidated Statements of Income:


Year Ended May 31,	2023			2022			2021
(In thousands)
Stock-based compensation expense, included in SG&A	$	28,723		$	40,114		$	40,926
Stock-based compensation expense, included in restructuring expense		(50	)		630			47
Total stock-based compensation cost		28,673			40,744			40,973
Income tax (benefit)		(4,234	)		(5,621	)		(6,877	)
Total stock-based compensation cost, net of tax	$	24,439		$	35,123		$	34,096

Summary of Option and Share-Based Payment Activity

The following tables summarize option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2023:


	2023
Share-Based Payments	Weighted Average Exercise Price		Number of Shares Under Option
(Shares in thousands)
Balance at June 1, 2022	$	63.16		2,300
Options granted		81.01		360
Options exercised		49.52		(372	)
Balance at May 31, 2023		68.19		2,288
Exercisable at May 31, 2023	$	61.09		1,448


SARs	2023		2022		2021
(In thousands, except per share amounts)
Weighted-average grant-date fair value per SAR	$	18.09	$	16.72	$	14.38
Fair value of SARS vested		14.19		13.49		12.59
Intrinsic value of options exercised		11.26		13.77		8.80
Tax benefit from options exercised	$	3,292	$	88	$	8,821

Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the share-based activity under the 2003 Plan and 2014 Omnibus Plan related to directors during fiscal 2023:


	Weighted-Average
	Grant-Date
	Fair Value		2023
(Shares in thousands)
Balance at June 1, 2022	$	77.95		56
Shares granted to directors		92.87		21
Shares vested		69.70		(25	)
Balance at May 31, 2023	$	87.75		52

Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table sets forth such awards for the year ended May 31, 2023:


	Weighted-Average
	Grant-Date
	Fair Value		2023
(Shares in thousands)
Balance at June 1, 2022	$	40.08		386
Shares granted		81.01		24
Shares forfeited		72.12		(7	)
Shares exercised		64.03		(13	)
Balance at May 31, 2023	$	41.37		390

Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the share-based performance-earned restricted stock (“PERS”) and performance stock units (“PSUs”) activity during the fiscal year ended May 31, 2023:


	Weighted-Average
	Grant-Date
	Fair Value		2023
(Shares in thousands)
Balance at June 1, 2022	$	77.71		1,110
Shares granted		81.03		223
Shares forfeited		75.03		(68	)
Shares vested		66.50		(359	)
Balance at May 31, 2023	$	83.17		906

Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table sets forth such awards for the year ended May 31, 2023:


Performance Stock Units ("PSUs")	Shares Granted	Weighted-Average Grant Date Fair Value		Shares Outstanding as of May 31, 2023		Unamortized Expense, as of May 31, 2023
(In thousands, except per share amounts)
2020 PSUs (1)	226	$	78.49		181	$	—
2021 PSU's (2)	158		86.93		137		4,188
2022 PSU's (3)	162		81.01		156		5,427

(1)

The "2020 PSUs" were granted on July 22, 2020. The expense has been fully recognized, in line with the final results achieved for the three-year performance plan.

(2)

The "2021 PSUs were granted on July 21, 2021. The unamortized expense is expected to be recognized over a weighted average period of 1.0 years.

(3)

The "2022 PSUs were granted on July 18, 2022. The unamortized expense is expected to be recognized over a weighted average period of 2.0 years.

Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the activity for all nonvested restricted shares during the year ended May 31, 2023:


	Weighted-Average
	Grant-Date Fair		Number of
	Value		Shares
(Shares in thousands)
Balance at June 1, 2022	$	76.38		1,296
Granted		81.95		268
Vested		66.19		(432	)
Forfeited		79.90		(54	)
Balance at May 31, 2023	$	81.66		1,078

Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the grant date and vested values of restricted shares during the last three fiscal years:


Year Ended May 31,	Weighted-Average Grant Date Fair Value		Fair Value of Restricted Shares Vested		Shares of Restricted Stock Vested		Intrinsic Value of Restricted Shares Vested
(In thousands, except per share amounts)
2021	$	80.77	$	12,505		250	$	20,670
2022		86.68		27,163		441		33,032
2023		81.95		28,553		432		33,186