Stock Option Plan and Stock Based Compensation (Tables)

3 Months Ended

May 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity

The Company had the following stock option activity for the three months ended May 31, 2014:

						Weighted
	Number			Weighted		Average		Aggregate
	of			Average		Remaining		Intrinsic
	Shares			Exercise		Contractual		Value(a)
	(exact quantity)			Price		Life (in years)		(in thousands)
Outstanding at February 28, 2014		369,405		$	15.86		6.0	$	416
Granted		31,418			15.78
Terminated		(20,000	)		16.21
Exercised		(6,000	)		8.94
Outstanding at May 31, 2014		374,823		$	15.95		6.4	$	301
Exercisable at May 31, 2014		295,063		$	16.16		5.8	$	274

(a) Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the New York Stock Exchange over the applicable exercise price.

Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted

The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the three months ended May 31, 2014 and May 31, 2013:

	May 31,
	2014			2013
Expected volatility		29.25	%		30.41	%
Expected term (years)		3			3
Risk free interest rate		0.91	%		0.35	%
Dividend yield		4.11	%		4.63	%
Weighted average grant-date fair value	$	2.70		$	1.96

Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation

A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands):

	Three months ended
	May 31,
	2014		2013
Total cash received	$	54	$	—
Income tax benefits		—		—
Total grant-date fair value		9		—
Intrinsic value		36		—

Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at February 28, 2014, and changes during the three months ended May 31, 2014 is presented below:

				Weighted
				Average
	Number			Grant Date
	of Options			Fair Value
Unvested at February 28, 2014		112,211		$	2.89
New grants		31,418			2.70
Vested		(63,869	)		3.27
Forfeited		—			—
Unvested at May 31, 2014		79,760		$	2.51

Restricted Stock Grant Activity

The Company had the following restricted stock grant activity for the three months ended May 31, 2014:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Outstanding at February 28, 2014		180,902		$	15.77
Granted		85,807			15.78
Terminated		—			—
Vested		(113,061	)		16.42
Outstanding at May 31, 2014		153,648		$	15.30