Stock Option Plan and Stock Based Compensation (Tables)

12 Months Ended

Feb. 28, 2017

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

The Company had the following stock option activity for the three years ended February 28, 2017:


	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, 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
Granted		—			—
Terminated		(5,000	)		8.94
Exercised		(193,453	)		15.04

Outstanding at February 28, 2017		172,496		$	15.95		4.2	$	223

Exercisable at February 28, 2017		167,423		$	16.00		4.1	$	213

(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 2016 and 2015:


	2016			2015
Expected volatility		24.06	%		29.25	%
Expected term (years)		3			3
Risk free interest rate		0.89	%		0.91	%
Dividend yield		4.92	%		4.11	%
Weighted average grant-date fair value	$	2.24		$	2.70

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
	2017		2016			2015
Total cash received	$	2,910	$	—		$	54
Income tax (expense) benefit		265		(46	)		(106	)
Total grant-date fair value		532		—			9
Intrinsic value		969		—			36

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 28, 2017 is presented below:


	Number of Options			Weighted Average Grant Date Fair Value
Unvested at February 29, 2016		76,425		$	2.32
New grants		—			—
Vested		(71,352	)		2.32
Forfeited		—			—

Unvested at February 28, 2017		5,073		$	2.41

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at the end of fiscal year 2017:


	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		24,848		3.3	$	9.87		21,616	$	9.30
14.05 to 15.78		51,956		5.6		15.16		50,115		15.13
17.57 to 18.46		95,692		3.7		17.97		95,692		17.97

		172,496		4.2		15.95		167,423		16.00

Restricted Stock Grants Activity

The Company had the following restricted stock grants activity for each of the three fiscal years ended February 28, 2017:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 1, 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
Granted		66,685			19.49
Terminated		—			—
Vested		(89,535	)		14.46

Outstanding at February 28, 2017		166,546		$	16.35