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Accounting for Stock-Based Compensation
3 Months Ended
Aug. 31, 2024
Accounting for Stock-Based Compensation  
Accounting for Stock-Based Compensation

6. Accounting for Stock-Based Compensation

Restricted Stock

In the three-month period ended August 31, 2024, as part of our annual long-term stock incentive compensation, we granted 124,200 shares of performance-based restricted stock and 72,955 shares of time-based restricted stock to eligible employees. The grant date fair value per share for these shares was $67.02 (the closing price per share of our common stock on the grant date). We also granted 19,010 shares of time-based restricted stock to members of the Board of Directors with a grant date fair value per share of $70.99 (the closing price per share of our common stock on the grant date).

Expense charged to operations for restricted stock during each of the three-month periods ended August 31, 2024 and 2023 was $4.1 million and $3.4 million, respectively.

Stock Options

In July 2023, as part of our annual long-term stock incentive compensation, we granted 157,310 stock options to eligible employees at an exercise price per share of $67.02 and grant date fair value per share of $25.51. The fair value of stock options was estimated using the Black-Scholes option pricing model with the following assumptions:

Risk-free interest rate

    

4.2

%

Expected volatility of common stock

 

36.0

%

Dividend yield

 

0.0

%

Expected option term in years

 

4.9

The total intrinsic value of stock options exercised during the three-month periods ended August 31, 2024 and 2023 was $0.2 million and $7.6 million, respectively. Expense charged to operations for stock options during the three-month periods ended August 31, 2024 and 2023 was $0.9 million and $0.9 million, respectively.