Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2017

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,	2017			2016			2015
(In thousands)
Selling, general and administrative expense	$	32,541		$	31,287		$	31,741
Income tax (benefit)		(10,159	)		(9,184	)		(10,027	)
Total stock-based compensation cost	$	22,382		$	22,103		$	21,714

Summary of Weighted-Average Assumptions Related to SARs Grants

The following is a summary of our weighted-average assumptions related to SARs grants made during the last three fiscal years:

Year Ended May 31,	2017			2016			2015
Risk-free interest rate		1.5	%		2.2	%		2.3	%
Expected life of option	7.0 yrs			7.0 yrs			7.5 yrs
Expected dividend yield		2.2	%		2.2	%		2.2	%
Expected volatility rate		25.7	%		25.6	%		25.7	%

Summary of Option and Share-Based Payment Activity

The following table summarizes option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2017:

	2017
Share-Based Payments	Weighted Average Exercise  Price		Number of Shares Under Option
(Shares in thousands)
Balance at June 1, 2016	$	31.88		3,213
Options granted		50.99		600
Options exercised		19.21		(758	)
Balance at May 31, 2017		38.77		3,055
Exercisable at May 31, 2017	$	31.38		1,615

SARs	2017		2016		2015
(In millions, except per share amounts)
Weighted-average grant-date fair value per SAR	$	10.90	$	10.73	$	10.63
Intrinsic value of options exercised	$	26.5	$	22.3	$	7.5
Tax benefit from options exercised	$	9.7	$	8.1	$	2.5
Fair value of SARS vested	$	4.6	$	4.0	$	3.3

Directors Equity Incentive Plan 2003

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 during fiscal 2017:

	Weighted-Average
	Grant-Date
	Fair Value		2017
(Shares in thousands)
Balance at June 1, 2016	$	41.51		86
Shares granted to Directors		50.61		24
Shares vested		39.23		(40	)
Balance at May 31, 2017	$	45.92		70

2007 Plan and 2014 Omnibus Plan

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, 2017:

	Weighted-Average
	Grant-Date
	Fair Value		2017
(Shares in thousands)
Balance at June 1, 2016	$	23.27		793
Shares granted		50.99		48
Shares exercised		21.06		(39	)
Balance at May 31, 2017	$	25.04		802

Performance Earned Restricted Stock Awards

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”) activity during the fiscal year ended May 31, 2017:

	Weighted-Average
	Grant-Date
	Fair Value		2017
(Shares in thousands)
Balance at June 1, 2016	$	41.80		1,417
Shares granted		50.84		486
Shares forfeited		43.51		(13	)
Shares vested		35.48		(476	)
Balance at May 31, 2017	$	47.02		1,414

Nonvested Shares

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, 2017:

	Weighted-Average
	Grant-Date Fair		Number of
(Shares in thousands)	Value		Shares
Balance at June 1, 2016	$	39.07		2,356
Granted		50.84		558
Vested		33.75		(602	)
Forfeited		43.51		(12	)
Balance at May 31, 2017	$	43.32		2,300