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Stock-based Compnesation
 9 Months Ended
Aug. 31, 2012
Share-based Compensation [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION

The following table sets forth the stock-based compensation recorded in selling, general and administrative (SG&A) expense (in millions):
 
Three months ended August 31,
 
Nine months ended August 31,
 
2012
 
2011
 
2012
 
2011
Stock-based compensation expense
$
3.3

 
$
2.8

 
$
11.9

 
$
10.4



Our 2012 annual grant of stock options and restricted stock units (RSU) occurred in the second quarter, similar to the 2011 annual grant. The weighted-average grant-date fair value of an option granted in 2012 was $7.17 and in 2011 was $7.99 as calculated under a lattice pricing model. The fair values of option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:
 
2012
 
2011
Risk-free interest rates
0.1 - 2.2%
 
0.1 - 3.5%
Dividend yield
2.3%
 
2.4%
Expected volatility
16.5 - 21.6%
 
15.2 - 22.2%
Expected lives
6.1
 
6.4


The following is a summary of all stock option activity for the nine months ended August 31, 2012 and 2011:
 
2012
 
2011
(shares in millions)
Number
of
Shares
 
Weighted-
Average
Exercise
Price
 
Number
of
Shares
 
Weighted-
Average
Exercise
Price
Outstanding at beginning of period
6.6

 
$
34.98

 
7.4

 
$
32.01

Granted
0.8

 
54.24

 
0.9

 
47.40

Exercised
(1.7
)
 
30.41

 
(1.4
)
 
29.28

Outstanding at end of the period
5.7

 
39.31

 
6.9

 
34.77

Exercisable at end of the period
3.4

 
$
34.78

 
4.5

 
$
32.10


As of August 31, 2012 the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $127.2 million and for exercisable options was $91.6 million. The total intrinsic value of all options exercised during the nine months ended August 31, 2012 and 2011 was $42.5 million and $26.9 million, respectively.

The following is a summary of all of our RSU activity for the nine months ended August 31, 2012 and 2011:
 
2012
 
2011
(shares in thousands)
Number
of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
 
Number
of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Outstanding at beginning of period
233

 
$
43.23

 
289

 
$
35.42

Granted
112

 
54.24

 
134

 
47.40

Vested
(146
)
 
42.74

 
(183
)
 
34.04

Forfeited
(6
)
 
47.42

 
(3
)
 
38.69

Outstanding at end of period
193

 
$
49.84

 
237

 
$
43.24