Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Activity for Service-Based Restricted Common Shares

The table below sets forth the service-based restricted common shares activity under the Plans from the Separation date to the year ended May 31, 2024. The calculated pre-tax stock-based compensation expense for these restricted common shares will be recognized on a straight-line basis over their respective three-year service periods.

(In thousands, except per common share amounts)	Restricted Common Shares			Weighted Average Grant Date Fair Value
Outstanding, beginning of year		-
Awards converted from the Former Parent Plan		957		$	22.20
Granted		170			29.18
Vested		(19	)		19.98
Forfeited		(39	)		19.06
Outstanding, end of year		1,069		$	19.03
Weighted average remaining contractual life of outstanding restricted common shares (in years)		1.37
Aggregate intrinsic value of outstanding restricted common shares	$	35,286
Aggregate intrinsic value of restricted common shares vested during the year	$	573
Pre-tax stock-based compensation for granted awards	$	4,955

Schedule of Assumptions Used to Determine Grant Date Fair Value of Market Based Restricted Common Shares

The following assumptions were used to determine the grant date fair value and the derived service period for these restricted common shares:

Expected volatility	41.00	%
Risk-free interest rate	4.51	%
Actual TSR	14.00	%

The following assumptions were used to determine the grant date fair value and the derived service period for these restricted common shares:

Dividend yield	2.71	%
Expected volatility	41.50	%
Risk-free interest rate	0.32	%

Summary of Company's Performance Share Award Activity

The table below summarizes the Company’s performance share award activity under the Plans from the Separation date to the year ended May 31, 2024:

(In thousands, except per common share amounts)	Performance Shares			Weighted Average Grant Date Fair Value
Outstanding, beginning of year		-
Awards converted from the Former Parent Plan		133		$	22.20
Granted		30			30.55
Vested		(21	)		17.36
Forfeited		(12	)		17.97
Outstanding, end of year		130		$	20.72
Weighted average remaining contractual life of outstanding performance shares (in years)		1.30
Aggregate intrinsic value of outstanding performance shares	$	4,291
Aggregate intrinsic value of performance shares vested during the year	$	696
Pre-tax stock-based compensation for granted awards	$	923