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Accounting for Stock-Based Compensation
6 Months Ended
Nov. 30, 2016
Accounting for Stock-Based Compensation  
Accounting for Stock-Based Compensation

 

Note 4 — Accounting for Stock-Based Compensation

 

Restricted Stock

 

In the three month period ended August 31, 2016, as part of our annual long-term stock incentive compensation, we granted 212,583 shares of performance-based restricted stock and 34,100 shares of time-based restricted stock to eligible employees.  The average grant date fair value per share for these shares was $24.00.  In June 2016, we also granted 50,000 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $24.39.

 

Expense charged to operations for restricted stock during the three month periods ended November 30, 2016 and 2015 was $1.3 million and $1.0 million, respectively, and $2.6 million and $2.2 million during the six month periods ended November 30, 2016 and 2015, respectively.

 

Stock Options

 

The total intrinsic value of stock options exercised during the six month periods ended November 30, 2016 and 2015 was $2.6 million and $0.9 million, respectively.   Expense charged to operations for stock options during the three month periods ended November 30, 2016 and 2015 was $1.1 million and $0.9 million, respectively, and $2.3 million and $1.7 million during the six month periods ended November 30, 2016 and 2015, respectively.