Stock-based compensation represents the cost related to stock-based awards granted to our employees and directors; these awards include restricted stock, restricted stock units, performance stocks, performance stock units and SARs. We grant stock-based incentive awards to our employees and/or our directors under various share-based compensation plans. The plan that is active or provides for stock option grants or share-based payment awards is the Amended and Restated 2014 Omnibus Equity and Incentive Plan (the “2014 Omnibus Plan”), which includes provisions for grants of restricted stock, restricted stock units, performance stock, performance stock units and SARs. Other plans, which provide for restricted stock grants only, include the 2003 Restricted Stock Plan for Directors (the “2003 Plan”) and the 2007 Restricted Stock Plan (the “2007 Plan”).

We measure stock-based compensation cost at the date of grant, based on the estimated fair value of the award. We recognize the cost as expense on a straight-line basis (net of estimated forfeitures) over the related vesting period.

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

Year Ended May 31,	2020			2019			2018
(In thousands)
Stock-based compensation expense, included in SG&A	$	19,789		$	31,154		$	25,440
Stock-based compensation expense, included in restructuring expense		116			4,283			2,136
Total stock-based compensation cost		19,905			35,437			27,576
Income tax (benefit)		(2,784	)		(6,937	)		(7,178	)
Total stock-based compensation cost, net of tax	$	17,121		$	28,500		$	20,398

SARs are awards that allow our employees to receive shares of our common stock at a fixed price. We grant SARs at an exercise price equal to the stock price on the date of the grant. The fair value of SARs granted is estimated as of the date of grant using a Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of options granted is derived from the input of the option-pricing model and represents the period of time that options granted are expected to be outstanding. Expected volatility rates are based on historical volatility of shares of our common stock.

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,	2020			2019			2018
Risk-free interest rate		1.9	%		2.9	%		2.2	%
Expected life of option	6.5 yrs			6.5 yrs			7.0 yrs
Expected dividend yield		2.3	%		2.1	%		2.2	%
Expected volatility rate		22.4	%		25.2	%		26.2	%

The 2014 Omnibus Plan was approved by our stockholders on October 9, 2014,and amendments to the 2014 Omnibus Plan were subsequently approved by our stockholders in 2018 and 2019. The 2014 Omnibus Plan provides us with the flexibility to grant a wide variety of stock and stock-based awards, as well as dollar-denominated performance-based awards, and is intended to be the primary stock-based award program for covered employees. A wide variety of stock and stock-based awards, as well as dollar-denominated performance-based awards, may be granted under these plans. SARs are issued at fair value at the date of grant, have up to ten-year terms and have graded-vesting terms over four years. Compensation cost for these awards is recognized on a straight-line basis over the related vesting period. Currently all SARs outstanding are to be settled with stock. As of May 31, 2020, there were 2,482,500 SARs outstanding.

The following table summarizes option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2020:

	2020
Share-Based Payments	Weighted Average Exercise Price		Number of Shares Under Option
(Shares in thousands)
Balance at June 1, 2019	$	46.44		3,097
Options granted		62.17		340
Options exercised		43.10		(955	)
Balance at May 31, 2020		49.88		2,482
Exercisable at May 31, 2020	$	44.15		1,520

SARs	2020		2019		2018
(In millions, except per share amounts)
Weighted-average grant-date fair value per SAR	$	11.59	$	14.08	$	12.90
Intrinsic value of options exercised	$	9.62	$	9.29	$	11.10
Tax benefit from options exercised	$	5.94	$	3.21	$	3.40
Fair value of SARS vested	$	12.27	$	9.30	$	6.50

At May 31, 2020, the aggregate intrinsic value and weighted-average remaining contractual life of options outstanding was $61.8 million and 6.11 years, respectively, while the aggregate intrinsic value and weighted-average remaining contractual life of options exercisable was $46.6 million and 4.85 years, respectively.

At May 31, 2020, the total unamortized stock-based compensation expense related to SARs that were previously granted was $7.9 million, which is expected to be recognized over 2.30 years. We anticipate that approximately 2.5 million shares at a weighted-average exercise price of $49.86 and a weighted-average remaining contractual term of 6.1 years will ultimately vest under these plans.

We also grant stock-based awards, which may be made in the form of restricted stock, restricted stock units, performance stock and performance stock units. These awards are granted to eligible employees or directors, and entitle the holder to shares of our common stock as the award vests. The fair value of the awards is determined and fixed based on the stock price at the date of grant. A description of our restricted stock plans follows.

Under the 2014 Omnibus Plan, a total of 6,000,000 shares of our common stock may be subject to awards. Of those issuable shares, up to 3,000,000 shares of common stock may be subject to “full-value” awards. In October 2019, shareholders approved an amendment to the 2014 Omnibus Plan making an additional 5,000,000 shares of common stock subject to awards. After approval, 6,100,427 shares were available for new awards. Of those additional issuable shares, 2,250,000 shares may be subject to “full-value” awards similar to those issued under the 2014 Omnibus Plan.

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, 2020:

	Weighted-Average
	Grant-Date
	Fair Value		2020
(Shares in thousands)
Balance at June 1, 2019	$	54.90		829
Shares granted		63.52		405
Shares forfeited		55.80		(8	)
Shares vested		51.11		(361	)
Balance at May 31, 2020	$	60.51		865

The weighted-average grant-date fair value was $63.52, $60.36 and $52.26 for the fiscal years ended May 31, 2020, 2019 and 2018, respectively. The restricted stock and performance stock cliff vest after three years. Nonvested restricted shares of common stock under the 2014 Omnibus Plan are eligible for dividend payments, while performance stock units are not eligible for dividend payments. At May 31, 2020, remaining unamortized deferred compensation expense for performance-earned restricted stock totaled $15.8 million. The remaining amount is being amortized over the applicable vesting period for each participant.

On October 3, 2018, our Compensation Committee granted in the aggregate 192,000 Performance Stock Units (the “2018 PSUs”) to certain executives at a weighted-average grant-date price of $60.50 per PSU. The awards are contingent upon the level of attainment of performance goals for the three-year performance period from June 1, 2018 ending May 31, 2021. Vesting of 50% of the 2018 PSUs relates to compounded annualized growth rates in adjusted revenue for the period, and the vesting of the remaining 50% relates to an increase in EBIT margin, measured at the end of the three-year performance period. The number of PSUs that may vest with respect to the achievement of the performance goals may range from 0% to 200% of the PSUs granted under this program. Compensation cost for these awards has been recognized on a straight-line basis over the related performance period, with consideration given to the probability of attaining the performance goals. As of May 31, 2020, there were 168,000 2018 PSUs outstanding and $0.6 million unamortized stock-based compensation, which is expected to be recognized over a weighted average period of one year.

On July 18, 2019, our Compensation Committee granted in the aggregate 178,000 Performance Stock Units (the “2019 PSUs”) to certain executives at a weighted-average grant-date price of $62.17 per PSU. The awards are contingent upon the level of attainment of performance goals for the three-year performance period from June 1, 2019 ending May 31, 2022. Vesting of 50% of the 2019 PSUs relates to compounded annualized growth rates in adjusted revenue for the period, and the vesting of the remaining 50% relates to an increase in EBIT margin, measured at the end of the three-year performance period. The number of PSUs that may vest with respect to the achievement of the performance goals may range from 0% to 200% of the PSUs granted under this program. Compensation cost for these awards has been recognized on a straight-line basis over the related performance period, with consideration given to the probability of attaining the performance goals. As of May 31, 2020, there were 178,000 2019 PSUs outstanding and $3.3 million unamortized stock-based compensation, which is expected to be recognized over a weighted average period of 2.0 years

The 2003 Plan was approved on October 10, 2003 by our stockholders, and was established primarily for the purpose of recruiting and retaining directors, and to align the interests of directors with the interests of our stockholders. Only directors who are not our employees are eligible to participate. Under the 2003 Plan, up to 500,000 shares of our common stock may be awarded, with awards cliff vesting over a three-year period. The following table summarizes the share-based activity under the 2003 Plan during fiscal 2019:

	Weighted-Average
	Grant-Date
	Fair Value		2020
(Shares in thousands)
Balance at June 1, 2019	$	54.56		55
Shares granted to directors		67.26		23
Shares vested		50.61		(16	)
Balance at May 31, 2020	$	60.25		62

The weighted-average grant-date fair value was $67.26, $60.50 and $51.63 for the fiscal years ended May 31, 2020, 2019 and 2018, respectively. Unamortized deferred compensation expense relating to restricted stock grants for directors of $1.9 million at May 31, 2020, is being amortized over the applicable remaining vesting period for each director. Nonvested restricted shares of common stock under the 2003 Plan are eligible for dividend payments. As of May 31, 2020, there were 7,200 shares available for future grant. When shares in the 2003 Plan are exhausted in fiscal year 2021, Director rewards will be issued from the 2014 Omnibus Plan on the go forward basis.

During fiscal 2020, a total of 30,185 shares were awarded under the 2014 Omnibus Plan to certain employees as supplemental retirement benefits, generally subject to forfeiture. The shares vest upon the latter of attainment of age 55 and the fifth anniversary of the May 31^st immediately preceding the date of the grant. The following table sets forth such awards for the year ended May 31, 2020:

	Weighted-Average
	Grant-Date
	Fair Value		2020
(Shares in thousands)
Balance at June 1, 2019	$	31.73		432
Shares granted		62.17		30
Shares forfeited		-		-
Shares exercised		33.96		(16	)
Balance at May 31, 2020	$	33.82		446

The weighted-average grant-date fair value was $62.17, $60.01 and $55.19 for the fiscal years ended May 31, 2020, 2019 and 2018, respectively. As of May 31, 2020, no shares remain available for future grant under the 2007 Plan, and future issuances of shares as supplemental retirement benefits are made under the 2014 Omnibus Plan. At May 31, 2020, unamortized stock-based compensation expense of $0.6 million and $3.5 million relating to the 2007 Plan and the 2014 Omnibus Plan, respectively, are being amortized over the applicable vesting period associated with each participant.

The following table summarizes the activity for all nonvested restricted shares during the year ended May 31, 2020:

	Weighted-Average
	Grant-Date Fair		Number of
(Shares in thousands)	Value		Shares
Balance at June 1, 2019	$	52.35		1,091
Granted		63.62		458
Vested		49.42		(421	)
Forfeited		55.80		(8	)
Balance at May 31, 2020	$	58.03		1,120

The remaining weighted-average contractual term of nonvested restricted shares at May 31, 2020 is the same as the period over which the remaining cost of the awards will be recognized, which is approximately 2.18 years. The fair value of the nonvested restricted share awards have been calculated using the market value of the shares on the date of issuance. For the years ended May 31, 2020, 2019 and 2018, the weighted-average grant-date fair value for restricted share grants was $63.62, $60.34 and $52.62, respectively. The total fair value of shares that vested during the years ended May 31, 2020, 2019 and 2018 was $20.8 million, $37.8 million and $29.9 million, respectively. We anticipate that approximately 1.12 million shares at a weighted-average grant-date fair value of $58.03 and a weighted-average remaining contractual term of 2.18 years will ultimately vest, based upon the unique terms and participants of each plan. Approximately 420,571 shares of restricted stock were vested during the year ended May 31, 2020, with 832,717 restricted shares vested during the year ended May 31, 2019. The total intrinsic value of restricted shares converted during the years ended May 31, 2020, 2019 and 2018 was $26.8 million, $58.1 million and $7.6 million, respectively.

Total unrecognized compensation cost related to all nonvested awards of restricted shares of common stock was $25.7 million as of May 31, 2020. That cost is expected to be recognized over a weighted-average period of 2.18 years. We did not receive any cash from employees as a result of employee vesting and release of restricted shares for the year ended May 31, 2020.