Accounting for Stock-Based Compensation

9 Months Ended

Feb. 28, 2018

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

Note 6 — Accounting for Stock-Based Compensation

Restricted Stock

In the three-month period ended August 31, 2017, as part of our annual long-term stock incentive compensation, we granted 98,750 shares of performance-based restricted stock and 24,425 shares of time-based restricted stock to eligible employees.  The grant date fair value per share for these shares was $35.26 (the closing price on the grant date).  In June 2017, we also granted 55,000 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $34.95.

Expense charged to operations for restricted stock during the three-month periods ended February 28, 2018 and 2017 was $2.0 million and $1.6 million, respectively, and $4.9 million and $4.2 million during the nine-month periods ended February 28, 2018 and 2017, respectively.

Stock Options

In the three-month period ended August 31, 2017, as part of our annual long-term stock incentive compensation, we granted 453,450 stock options to eligible employees at an exercise price per share of $35.26 and weighted average fair value of $9.27.

The total intrinsic value of stock options exercised during the nine-month periods ended February 28, 2018 and 2017 was $12.0 million and $3.3 million, respectively.   Expense charged to operations for stock options during the three-month periods ended February 28, 2018 and 2017 was $1.4 million and $1.1 million, respectively, and $3.8 and $3.4 million during the nine-month periods ended February 28, 2018 and 2017, respectively.