Equity (Tables)

12 Months Ended

May 31, 2020

Equity

Schedule of assumptions used in the Black-Scholes option pricing model to estimate the fair value of stock option grant

	Stock Options Granted
	In Fiscal Year
	2020		2019		2018
Risk-free interest rate	1.9	%	2.7	%	1.8	%
Expected volatility of common stock	32.0	%	30.8	%	31.7	%
Dividend yield	0.8	%	0.6	%	0.9	%
Expected option term in years	4.5		4.5		4.3

Summary of stock option activity

A summary of stock option activity for the three years ended May 31, 2020 consisted of the following (shares in thousands):

	2020			2019			2018
		Weighted			Weighted			Weighted
		Average			Average			Average
	Shares	Exercise Price		Shares	Exercise Price		Shares	Exercise Price
Outstanding at beginning of year	1,777	$	30.37	2,082	$	26.72	2,334	$	23.02
Granted	414	$	37.66	300	$	47.84	463	$	35.33
Exercised	(300)	$	24.99	(571)	$	25.56	(704)	$	20.04
Cancelled	(40)	$	36.72	(34)	$	42.02	(11)	$	29.50
Outstanding at end of year	1,851	$	32.74	1,777	$	30.37	2,082	$	26.72
Options exercisable at end of year	1,133	$	28.32	981	$	25.28	883	$	23.81

Schedule of restricted share activity

Restricted share activity during fiscal 2020 was as follows (shares in thousands):

		Weighted Average
	Number of	Fair Value
	Shares	on Grant Date
Nonvested at May 31, 2019	532	$	31.70
Granted	279	$	19.44
Vested	(412)	$	25.27
Forfeited	(14)	$	37.02
Nonvested at May 31, 2020	385	$	31.70