Stock Option Plan and Stock Based Compensation (Tables)

12 Months Ended

Feb. 29, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company had the following stock option activity for the three years ended February 29, 2016:


	Number of Shares *(exact quantity)*			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life *(in years)*		Aggregate Intrinsic Value(a) *(in thousands)*
Outstanding at March 1, 2013		363,000		$	15.79		6.4	$	421
Granted		36,155			14.05
Terminated		(7,750	)		13.30
Exercised		(22,000	)		12.59

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 February 28, 2015		374,823		$	15.95		5.7	$	210
Granted		43,426			13.69
Terminated		(47,300	)		18.31
Exercised		—			—

Outstanding at February 29, 2016		370,949		$	15.38		5.9	$	1,616

Exercisable at February 29, 2016		294,524		$	15.66		5.2	$	1,201

(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 fiscal years ended 2016, 2015 and 2014:


	2016			2015			2014
Expected volatility		24.06	%		29.25	%		30.41	%
Expected term (years)		3			3			3
Risk free interest rate		0.89	%		0.91	%		0.35	%
Dividend yield		4.92	%		4.11	%		4.63	%
Weighted average grant-date fair value	$	2.24		$	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 for the three fiscal years ended (in thousands):


	Fiscal years ended
	2016			2015			2014
Total cash received	$	—		$	54		$	94
Income tax (expense) benefit		(46	)		(106	)		17
Total grant-date fair value		—			9			50
Intrinsic value		—			36			117

Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at February 29, 2016, and changes during the fiscal year ended February 29, 2016 is presented below:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at February 28, 2015		79,760		$	2.51
New grants		43,426			2.24
Vested		(46,761	)		2.58
Forfeited		—			—

Unvested at February 29, 2016		76,425		$	2.32

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at the end of fiscal year 2016:


	Options Outstanding						Options Exercisable
Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$8.94 to $13.69		85,426		6.2	$	11.35		42,000	$	8.94
14.05 to 15.78		140,280		6.8		15.18		107,281		15.19
17.57 to 18.46		145,243		4.7		17.95		145,243		17.95

		370,949		5.9		15.38		294,524		15.66

Restricted Stock Grants Activity

The Company had the following restricted stock grants activity for each of the three fiscal years ended February 29, 2016:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 2013		187,048		$	16.49
Granted		55,607			14.05
Terminated		—			—
Vested		(61,753	)		16.40

Outstanding at February 28, 2014		180,902		$	15.77
Granted		85,807			15.78
Terminated		—			—
Vested		(113,061	)		16.42

Outstanding at February 28, 2015		153,648		$	15.30
Granted		113,648			13.69
Terminated		—			—
Vested		(77,900	)		15.24

Outstanding at February 29, 2016		189,396		$	14.36