Accounting for Stock-Based Compensation

9 Months Ended

Feb. 29, 2016

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

Note 4 — Accounting for Stock-Based Compensation

Restricted Stock

In August 2015, as part of our annual long-term stock incentive compensation, we granted 109,269 shares of performance-based restricted stock and 28,069 shares of time-based restricted stock to eligible employees.  The grant date fair value per share for both grants was $26.62.  In June 2015, we also granted 45,000 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $29.54.

Expense charged to operations for restricted stock was $1.4 million and $1.6 million during the three months ended February 29, 2016 and February 28, 2015, respectively, and $3.6 million and $4.3 million during the nine months ended February 29, 2016 and February 28, 2015, respectively.

Stock Options

The total intrinsic value of stock options exercised during the nine months ended February 29, 2016 and February 28, 2015 was $0.9 million and $1.5 million, respectively.   Expense charged to operations for stock options was $0.9 million and $0.8 million during the three months ended February 29, 2016 and February 28, 2015, respectively, and $2.6 million and $2.2 million during the nine months ended February 29, 2016 and February 28, 2015, respectively.