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Stock-based Compensation
 3 Months Ended
Feb. 28, 2017
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
 
February 28, 2017
 
February 29, 2016
Stock-based compensation expense
$
4.1

 
$
3.0


Our 2017 annual grant of stock options and RSUs is expected to occur in the second quarter, similar to the 2016 annual grant.
 

The following is a summary of our stock option activity for the three months ended February 28, 2017 and February 29, 2016:
 
2017
 
2016
(shares in millions)
Number
of
Shares
 
Weighted-
Average
Exercise
Price
 
Number
of
Shares
 
Weighted-
Average
Exercise
Price
Outstanding at beginning of period
4.9

 
$
66.00

 
4.8

 
$
59.20

Exercised
(0.1
)
 
63.75

 
(0.1
)
 
41.95

Outstanding at end of the period
4.8

 
$
66.04

 
4.7

 
$
59.64

Exercisable at end of the period
3.7

 
$
59.93

 
3.0

 
$
52.41

As of February 28, 2017, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $155.2 million and for options currently exercisable was $142.4 million. The total intrinsic value of all options exercised during the three months ended February 28, 2017 and February 29, 2016 was $4.4 million and $5.6 million, respectively.
The following is a summary of our RSU activity for the three months ended February 28, 2017 and February 29, 2016:
 
2017
 
2016
(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
267

 
$
80.08

 
270

 
$
71.03

Vested
(3
)
 
71.35

 
(4
)
 
37.94

Forfeited
(2
)
 
85.37

 
(3
)
 
74.11

Outstanding at end of period
262

 
$
80.13

 
263

 
$
71.49


The following is a summary of our LTPP activity for the three months ended February 28, 2017 and February 29, 2016:
 
2017
 
2016
(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
201

 
$
78.10

 
192

 
$
70.94

Granted
78

 
89.96

 
108

 
86.40

Vested
(43
)
 
69.04

 
(18
)
 
64.74

Forfeited
—

 
—

 
(1
)
 
74.02

Outstanding at end of period
236

 
$
83.63

 
281

 
$
77.28