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Accounting for Stock-Based Compensation
9 Months Ended
Feb. 28, 2017
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 was $1.6 million and $1.4 million during the three month periods ended February 28, 2017 and February 29, 2016, respectively, and $4.2 million and $3.6 million during the nine month periods ended February 28, 2017 and February 29, 2016, respectively.

 

Stock Options

 

The total intrinsic value of stock options exercised during the nine month periods ended February 28, 2017 and February 29, 2016 was $3.3 million and $0.9 million, respectively.   Expense charged to operations for stock options was $1.1 million and $0.9 million during the three month periods ended February 28, 2017 and February 29, 2016, respectively, and $3.4 million and $2.6 million during the nine month periods ended February 28, 2017 and February 29, 2016, respectively.