Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2021

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,	2021			2020			2019
(In thousands)
Stock-based compensation expense, included in SG&A	$	40,926		$	19,789		$	31,154
Stock-based compensation expense, included in restructuring expense		47			116			4,283
Total stock-based compensation cost		40,973			19,905			35,437
Income tax (benefit)		(6,877	)		(2,784	)		(6,937	)
Total stock-based compensation cost, net of tax	$	34,096		$	17,121		$	28,500

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,	2021			2020			2019
Risk-free interest rate		0.4	%		1.9	%		2.9	%
Expected life of option	6.5 yrs			6.5 yrs			6.5 yrs
Expected dividend yield		1.8	%		2.3	%		2.1	%
Expected volatility rate		24.0	%		22.4	%		25.2	%

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, 2021:

	2021
Share-Based Payments	Weighted Average Exercise Price		Number of Shares Under Option
(Shares in thousands)
Balance at June 1, 2020	$	49.88		2,482
Options granted		78.49		360
Options exercised		39.69		(837	)
Balance at May 31, 2021		59.28		2,005
Exercisable at May 31, 2021	$	52.56		1,107

SARs	2021		2020		2019
(In thousands, except per share amounts)
Weighted-average grant-date fair value per SAR	$	14.38	$	11.59	$	14.08
Intrinsic value of options exercised	$	8.80	$	9.62	$	9.29
Tax benefit from options exercised	$	8,821	$	5,936	$	3,210
Fair value of SARS vested	$	12.59	$	12.27	$	9.30

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 and 2014 Omnibus Plan related to directors during fiscal 2021:

	Weighted-Average
	Grant-Date
	Fair Value		2021
(Shares in thousands)
Balance at June 1, 2020	$	60.25		62
Shares granted to directors		87.35		19
Shares vested		56.02		(25	)
Balance at May 31, 2021	$	71.19		56

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, 2021:

	Weighted-Average
	Grant-Date
	Fair Value		2021
(Shares in thousands)
Balance at June 1, 2020	$	33.82		446
Shares granted		78.49		35
Shares exercised		33.25		(63	)
Balance at May 31, 2021	$	37.89		418

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, 2021:

	Weighted-Average
	Grant-Date
	Fair Value		2021
(Shares in thousands)
Balance at June 1, 2020	$	60.51		865
Shares granted		80.67		427
Shares forfeited		65.24		(18	)
Shares vested		53.69		(158	)
Balance at May 31, 2021	$	69.13		1,116

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, 2021:

	Weighted-Average
	Grant-Date Fair		Number of
	Value		Shares
(Shares in thousands)
Balance at June 1, 2020	$	58.03		1,120
Granted		80.77		481
Vested		49.95		(250	)
Forfeited		65.24		(18	)
Balance at May 31, 2021	$	67.65		1,333