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Stock-based Compensation
 6 Months Ended
May. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
STOCK-BASED COMPENSATION

We have three types of stock-based compensation awards: restricted stock units (RSUs), stock options and company stock awarded as part of our long-term performance plan (LTPP). The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions):
 
Three months ended May 31,
 
Six months ended May 31,
 
2015
 
2014
 
2015
 
2014
Stock-based compensation expense
$
10.2

 
$
9.5

 
$
13.9

 
$
12.1


Our 2015 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2014 annual grant. The weighted-average grant-date fair value of an option granted in 2015 was $12.52 and in 2014 was $9.48 as calculated under a lattice pricing model. Substantially all of the options granted vest ratably over a three-year period or upon retirement. The fair values of option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:
 
2015
 
2014
Risk-free interest rates
0.1 - 2.0%
 
0.1 - 2.7%
Dividend yield
2.1%
 
2.1%
Expected volatility
18.8%
 
15.6 - 20.1%
Expected lives (in years)
7.7
 
5.8

The following is a summary of our stock option activity for the six months ended May 31, 2015 and 2014:
 
2015
 
2014
(shares in millions)
Number
of
Shares
 
Weighted-
Average
Exercise
Price
 
Number
of
Shares
 
Weighted-
Average
Exercise
Price
Outstanding at beginning of period
4.8

 
$
54.17

 
4.6

 
$
47.73

Granted
0.8

 
76.32

 
1.1

 
71.10

Exercised
(0.4
)
 
42.46

 
(0.5
)
 
35.26

Outstanding at end of the period
5.2

 
58.33

 
5.2

 
53.54

Exercisable at end of the period
3.4

 
$
50.97

 
3.0

 
$
44.44

As of May 31, 2015 the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $105.7 million and for options currently exercisable was $94.4 million. The total intrinsic value of all options exercised during the six months ended May 31, 2015 and 2014 was $11.0 million and $17.1 million, respectively.
The following is a summary of our RSU activity for the six months ended May 31, 2015 and 2014:
 
2015
 
2014
(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
239

 
$
67.60

 
161

 
$
60.86

Granted
134

 
76.04

 
177

 
71.14

Vested
(84
)
 
71.30

 
(93
)
 
62.57

Forfeited
(7
)
 
71.57

 
(4
)
 
69.02

Outstanding at end of period
282

 
$
68.97

 
241

 
$
67.61


The following is a summary of our LTPP activity for the six months ended May 31, 2015 and 2014:
 
2015
 
2014
(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
231

 
$
61.94

 
334

 
$
51.73

Granted
96

 
74.02

 
105

 
69.04

Vested
(65
)
 
48.78

 
(118
)
 
44.47

Forfeited
(14
)
 
70.92

 
(2
)
 
44.47

Outstanding at end of period
248

 
$
69.55

 
319

 
$
60.15