The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units, performance-based restricted stock units and employee stock purchases, based on estimated fair values.

The Company recorded share-based compensation expense in the Consolidated Statements of Operations for fiscal years 2019, 2018 and 2017 as follows:

	Fiscal Years Ended November 30,
	2019			2018			2017
Total share-based compensation	$	28,162		$	22,767		$	17,523
Tax benefit recorded in the provision for income taxes		(6,990	)		(6,156	)		(6,167	)
Effect on net income	$	21,172		$	16,611		$	11,356

Substantially all of the share-based compensation expense was recorded in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

The Company estimates the fair value of share-based payment awards on the measurement date and recognizes as expense over the requisite service period in the Company’s consolidated financial statements.

The Company uses the Black-Scholes valuation model to estimate fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock.

The fair value of stock awards is determined based on the stock price at the date of grant. For grants that do not accrue dividends or dividend equivalents, the fair value is the stock price reduced by the present value of estimated dividends over the vesting period. For performance-based restricted stock units, the grant-date fair value assumes that the targeted performance goals will be achieved. Over the performance period, the number of awards will be adjusted higher or lower based on the probability of achievement of performance goals.

Through fiscal year 2017, the Company estimated forfeitures and only recorded compensation costs for those awards that were expected to vest. The assumptions for forfeitures were determined based on the type of award and historical experience. Forfeiture assumptions were adjusted at the point in time a significant change was identified, with any adjustment recorded in the period of change, and the final adjustment at the end of the requisite service period to equal actual forfeitures. From fiscal year 2018, the Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur.

The following assumptions were used in the Black-Scholes valuation model in fiscal years 2019, 2018 and 2017:

	Fiscal Years Ended November 30,
	2019	2018			2017
Stock option plan:
Expected life (years)	6.0 - 6.1		6.0			5.9
Risk free interest rate	1.59% - 2.62%		3.09	%		2.11	%
Expected volatility	32.33% - 33.69%		30.85	%		29.41	%
Dividend yield	1.36% - 1.54%		1.84	%		0.93	%

A summary of the activities under the Company’s stock incentive plan is set forth below:

				Options Outstanding
	Shares available for grant			Number of shares			Weighted- average exercise price per share
Balances, November 30, 2018		889			780		$	75.62
Restricted stock awards granted		(320	)		—			—
Restricted stock units granted		(231	)		—			—
Restricted stock cancelled/forfeited		61			—			—
Options granted		(137	)		137		$	108.78
Options exercised		—			(51	)	$	37.66
Balances, November 30, 2019		262			866		$	83.10

The weighted-average grant-date fair values of the stock options granted during fiscal years 2019, 2018 and 2017 were $32.76, $22.96, and $36.92, respectively. As of November 30, 2019, 866 options were outstanding with a weighted-average life of 6.66 years, a weighted-average exercise price of $83.10 per option and an aggregate pre-tax intrinsic value of $34,890. As of November 30, 2019, 476 options were vested and exercisable with a weighted-average life of 4.98 years, a weighted-average exercise price of $69.49 per share and an aggregate pre-tax intrinsic value of $25,624.

The cash received from the exercise of options and the intrinsic values of options exercised during fiscal years 2019, 2018 and 2017 were as follows:

	Fiscal Years Ended November 30,
	2019		2018		2017
Intrinsic value of options exercised	$	3,782	$	2,465	$	3,856
Cash received from exercise of options	$	1,908	$	1,561	$	1,400

The Company settles employee stock option exercises with newly issued common shares.

As of November 30, 2019, the unamortized share-based compensation expense related to unvested stock options under the 2013 Stock Incentive Plan was $10,990 which will be recognized over an estimated weighted-average amortization period of 3.67 years.

A summary of the changes in the Company’s non-vested restricted stock awards and stock units during fiscal year 2019 is presented below:

	Number of shares			Weighted-average, grant-date fair value per share
Non-vested as of November 30, 2018		764		$	99.28
Awards granted		320			109.55
Units granted⁽¹⁾		231			96.80
Awards and units vested		(202	)		87.28
Awards and units cancelled/forfeited⁽²⁾		(61	)		94.13
Non-vested as of November 30, 2019		1,051		$	103.51

As of November 30, 2019, there was $86,120 of total unamortized share-based compensation expense related to non-vested restricted stock awards and stock units granted under the 2013 Stock Incentive Plan. That cost is expected to be recognized over an estimated weighted-average amortization period of 3.63 years.