Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2020

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,	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

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,	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	%

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, 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

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 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

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, 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

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”) 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

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, 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