XML 59 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Incentive Plans and Stock-Based Compensation (Tables)
6 Months Ended
May 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of nonqualified stock option activity
The following table summarizes activity for the six months ended May 31, 2014 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan, the 2009 Incentive Plan and the 2014 Incentive Plan.

 
Options Granted
Under Incentive
Plans
 
Weighted
Average
Exercise Price
Outstanding at beginning of year
2,208,314
 
$
40.76

Granted
450,700
 
$
61.49

Exercised
(50,630)
 
$
36.03

Surrendered
(2,249)
 
$
41.51

Outstanding at end of period
2,606,135
 
$
44.43

 
 
 
 
Exercisable at end of period
1,654,715
 
$
39.21

Schedule of outstanding and exercisable options by exercise price
The following table summarizes information about the Company’s outstanding and exercisable options at May 31, 2014.

 
 
Options Outstanding
 
Options Exercisable
Range of Exercise
Prices
 
Number
 
Weighted
Average
Exercise
Price
 
Intrinsic Value
 
Weighted
Average
Remaining Life
in Years
 
Number
 
Weighted
Average
Exercise
Price
 
Intrinsic Value
 
Weighted
Average
Remaining Life
in Years
$25.31 - $28.79
 
149,900
 
$
26.92

 
$
4,739

 
2.00
 
149,900

 
$
26.92

 
$
4,739

 
2.00
$31.96 - $38.06
 
697,182
 
$
33.85

 
17,209

 
4.03
 
696,932

 
$
33.85

 
17,203

 
4.03
$40.73 - $57.74
 
1,318,103
 
$
46.29

 
16,131

 
7.69
 
807,883

 
$
46.11

 
10,030

 
7.36
$61.57
 
440,950
 
$
61.57

 

 
9.54
 

 
$

 

 
0.00
 
 
2,606,135
 
$
44.43

 
$
38,079

 
6.70
 
1,654,715

 
$
39.21

 
$
31,972

 
5.47
Schedule of Black-Scholes option pricing model on options granted
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year.
 
 
Six Months Ended
 
 
May 31,
2014
 
June 1,
2013
Weighted average fair value per option at the date of grant for options granted
 
$
11.50

 
$
9.96

Risk-free interest rate
 
1.55
%
 
1.19
%
Expected dividend yield
 
1.10
%
 
1.19
%
Expected volatility factor
 
21.38
%
 
25.81
%
Expected option term in years
 
5.0

 
5.4

Schedule of restricted stock unit awards
The following table summarizes activity for the six months ended May 31, 2014 with respect to the restricted stock unit awards.
 
Units
 
Weighted
Average
Grant Date
Fair Value
Nonvested at beginning of year
48,044
 
$
45.18

Granted
24,808
 
$
61.42

Vested
(17,685)
 
$
43.27

Nonvested at end of period
55,167
 
$
53.09

Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of share-based compensation costs
The following table summarizes information related to restricted stock unit awards during the three and six months ended May 31, 2014 and June 1, 2013.
 
 
Quarter Ended

Six Months Ended
 
 
May 31,
2014

June 1,
2013

May 31,
2014

June 1,
2013
Pre-tax compensation expense
 
$
338

 
$
210

 
$
742

 
$
469

Deferred tax benefits
 
(120
)
 
(75
)
 
(264
)
 
(167
)
Excess tax benefits associated with tax deductions under the amount of compensation expense recognized in the consolidated condensed financial statements
 

 
1,258

 
101

 
1,354

Fair value of restricted stock unit awards on date of grant
 
58

 

 
1,524

 
1,068

Fair value of restricted stock unit awards vested
 

 

 
765

 
621

Employee Stock Option [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of share-based compensation costs
The following table summarizes information related to stock options and stock option exercises during the three and six months ended May 31, 2014 and June 1, 2013.

 
 
Quarter Ended
 
Six Months Ended
 
 
May 31,
2014

June 1,
2013
 
May 31,
2014

June 1,
2013
Pre-tax compensation expense
 
$
921

 
$
774

 
$
2,032

 
$
1,661

Deferred tax benefits
 
(328
)
 
(275
)
 
(723
)
 
(591
)
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements
 
88

 
1,168

 
250

 
2,899

Fair value of stock options on date of grant
 
96

 

 
4,650

 
3,836

Total intrinsic value of stock options exercised
 
398

 
3,594

 
1,156

 
8,880

Cash received upon exercise of stock options
 
582

 
3,859

 
1,824

 
7,184

Addition to capital in excess of par value due to exercise of stock options
 
653

 
4,887

 
2,016

 
8,813

Director [Member] | Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of share-based compensation costs
The following table summarizes information related to directors' stock compensation during the three and six months ended May 31, 2014 and June 1, 2013.

 
 
Quarter Ended
 
Six Months Ended
 
 
May 31,
2014
 
June 1,
2013
 
May 31,
2014
 
June 1,
2013
Pre-tax compensation expense
 
$
880

 
$
460

 
$
880

 
$
480

Shares of Company common stock issued under the plans
 
15,400

 
18,256

 
15,400

 
18,256