Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2018

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,	2018			2017			2016
(In thousands)
Stock-based compensation expense, included in SG&A	$	25,440		$	32,541		$	31,287
Stock-based compensation expense, included in restructuring expense		2,136			-			-
Total stock-based compensation cost		27,576			32,541			31,287
Income tax (benefit)		(7,178	)		(10,159	)		(9,184	)
Total stock-based compensation cost, net of tax	$	20,398		$	22,382		$	22,103

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,	2018			2017			2016
Risk-free interest rate		2.2	%		1.5	%		2.2	%
Expected life of option	7.0 yrs			7.0 yrs			7.0 yrs
Expected dividend yield		2.2	%		2.2	%		2.2	%
Expected volatility rate		26.2	%		25.7	%		25.6	%

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, 2018:

	2018
Share-Based Payments	Weighted Average Exercise  Price		Number of Shares Under Option
(Shares in thousands)
Balance at June 1, 2017	$	38.77		3,055
Options granted		55.19		540
Options exercised		23.65		(388	)
Balance at May 31, 2018		43.36		3,207
Exercisable at May 31, 2018	$	37.74		1,865

SARs	2018		2017		2016
(In millions, except per share amounts)
Weighted-average grant-date fair value per SAR	$	12.90	$	10.90	$	10.73
Intrinsic value of options exercised	$	11.10	$	26.50	$	22.30
Tax benefit from options exercised	$	3.40	$	9.70	$	8.10
Fair value of SARS vested	$	6.50	$	4.60	$	4.00

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 2018:

	Weighted-Average
	Grant-Date
	Fair Value		2018
(Shares in thousands)
Balance at June 1, 2017	$	45.92		70
Shares granted to directors		51.63		24
Shares vested		44.41		(27	)
Balance at May 31, 2018	$	48.56		67

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, 2018:

	Weighted-Average
	Grant-Date
	Fair Value		2018
(Shares in thousands)
Balance at June 1, 2017	$	25.04		802
Shares granted		55.19		37
Shares forfeited		24.79		(11	)
Shares exercised		26.22		(126	)
Balance at May 31, 2018	$	26.42		702

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, 2018:

	Weighted-Average
	Grant-Date
	Fair Value		2018
(Shares in thousands)
Balance at June 1, 2017	$	47.02		1,414
Shares granted		52.26		201
Shares forfeited		48.39		(28	)
Shares vested		45.13		(540	)
Balance at May 31, 2018	$	48.97		1,047

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, 2018:

	Weighted-Average
	Grant-Date Fair		Number of
(Shares in thousands)	Value		Shares
Balance at June 1, 2017	$	43.32		2,300
Granted		52.62		262
Vested		40.21		(745	)
Forfeited		43.71		(62	)
Balance at May 31, 2018	$	45.85		1,755